Company Growth Strategy: 7 Key Steps for Business Growth & Expansion
Published: April 17, 2023
A concrete growth strategy is more than a marketing strategy, it's a crucial cog in your business machine. Without one, you're at the mercy of a fickle consumer base and market fluctuations.
So, how do you plan to grow?
If you're unsure about the steps needed to craft an effective growth strategy, we've got you covered.
Business Growth
Business growth is a stage where an organization experiences unprecedented and sustained increases in market reach and profit avenues. This can happen when a company increases revenue, produces more products or services, or expands its customer base.
For the majority of businesses, growth is the main objective. With that in mind, business decisions are often made based on what would contribute to the company’s continued growth and overall success. There are several methods that can facilitate growth which we'll explain more about below.
Free Strategic Planning Template
Access a business strategic planning template to grow your business.
- Sales and Revenue Growth
- Growth of Customer Base
- Expansion into New Regions
You're all set!
Click this link to access this resource at any time.
Types of Business Growth
As a business owner, you have several avenues for growth. Business growth can be broken down into the following categories:
With organic growth, a company expands through its own operations utilzing its own internal resources. This is in contrast to having to seek out external resources to facilitate growth.
An example of organic growth is making production more efficient so you can produce more within a shorter time frame, which leads to increased sales. A perk of utilizing organic growth is that it relies on self-sufficiency and avoids taking on debt. Additionally, the increased revenue created from organic growth can help fund more strategic growth methods later on. We’ll explain that below.
2. Strategic
Strategic growth involves developing initiatives that will help your business grow long term. An example of strategic growth could be coming up with a new product or developing a market strategy to target a new audience.
Unlike organic growth, these initiatives often require a significant amount of resources and funding. Businesses often take an organic approach first in hopes that their efforts will generate enough capital to invest in future strategic growth initiatives.
3. Internal
Internal growth strategy seeks to optimize internal business processes to increase revenue. Similar to organic growth, this strategy relies on companies using their own internal resources. Internal growth strategy is all about using existing resources in the most purposeful way possible.
An example of internal growth could be cutting wasteful spending and running a leaner operation by automating some of its functions instead of hiring more employees. Internal growth can be more challenging because it forces companies to look at how their processes can be improved and made more efficient rather than focusing on external factors like entering new markets to facilitate growth.
4. Mergers, Partnerships, Acquisitions
Although riskier than the other growth types, mergers, partnerships, and acquisitions can come with high rewards. There’s strength in numbers and a well-executed merger, partnership, or acquisition can help your business break into a new market, expand your customer base, or increase your products and services on offer.
Business Growth Strategy
A growth strategy is a plan that companies make to expand their business in a specific aspect, such as yearly revenue, number of customers, or number of products. Specific growth strategies can include adding new locations, investing in customer acquisition, or expanding a product line.
A company's industry and target market influence which growth strategies it will choose. Strategize, consider the available options, and build some into your business plan. Depending on the kind of company you're building, your growth strategy might include aspects like:
- Adding new locations
- Investing in customer acquisition
- Franchising opportunities
- Product line expansions
- Selling products online across multiple platforms
Your particular industry and target market will influence your decisions, but it's almost universally true that new customer acquisition will play a sizable role. That said, there are different types of overarching growth strategies you can adopt before making a specific choice, such as adding new locations. Let’s take a look.
Free Growth Strategy Template
Fill out this form to access your template, types of business growth strategies.
There are several general growth strategies that your organization can pursue. Some strategies may work in tandem. For instance, a customer growth and market growth strategy will usually go hand-in-hand.
Revenue Growth Strategy
A revenue growth strategy is an organization’s plan to increase revenue over a time period, such as year-over-year. Businesses pursuing a revenue growth strategy may monitor cash flow , leverage sales forecasting reports , analyze current market trends, diminish customer acquisition costs , and pursue strategic partnerships with other businesses to improve the bottom line.
Specific revenue growth tactics may include:
- Investing in sales training programs to boost close rates
- Leveraging technology to improve sales forecasting reports
- Using lower-cost marketing strategies to lower customer acquisition costs
- Continuing to train customer service reps
- Partnering with another company to promote your products and services
Customer Growth Strategy
A customer growth strategy is an organization’s plan to boost new customer acquisitions over a time period, such as month-over-month. Businesses pursuing a customer growth strategy may be more open to making large strategic investments, as long as the investments lead to greater customer acquisitions.
For this strategy, you may track customer churn rates , calculate customer lifetime value , and leverage pricing strategies to attract more customers. You might also spend more on marketing, sales, and CX , with new customer sign-ups as the north star metric.
Specific customer growth tactics may include:
- Investing in your marketing and sales organization’s headcount
- Increasing advertising and marketing spend
- Opening new locations in a promising market you’ve not yet reached
- Adding new product lines and services
- Adopting a discount or freemium pricing strategy
- Tracking metrics such as churn rates, customer lifetime value, and MRR
Marketing Growth Strategy
A marketing growth strategy — which is related, but not the same as, a market development strategy — is an organization’s plan to increase their total addressable market (TAM) and increase existing market share.
Businesses pursuing a marketing growth strategy will research different verticals, customer types, audiences, regions, and more to measure the viability of a market expansion.
Specific marketing growth tactics may include:
- Rebranding the business to appeal to a new audience
- Launching new products to appeal to buyers in a new market
- Opening new locations in other regions
- Adopting a different marketing strategy, e.g local marketing or event marketing , to appeal to new markets
- Becoming a franchisor so that individual business owners can buy franchises from you
Product Growth Strategy
A product growth strategy is an organization’s plan to increase product usage and sign-ups, or expand product lines. This type of growth strategy requires a significant investment into the organization’s product and engineering team (at SaaS organizations). In the retail industry, a product growth strategy may look like partnering with new manufacturers to expand your product catalog.
Specific tactics may include:
- Adding new features and benefits to existing products
- Adopting a freemium pricing strategy
- Adding new products to the existing product line
- Partnering with new manufacturers and providers
- Expanding into new markets and verticals to increase product adoption
Not sure what all of this can look like for your business? Here are some actionable tactics for achieving growth.
How to Grow a Company Successfully
- Use a growth strategy template.
- Choose your targeted area of growth.
- Conduct market and industry research.
- Set growth goals.
- Plan your course of action.
- Determine your growth tools and requirements.
- Execute your plan.
1. Use a growth strategy template [Free Tool] .
Image Source
Don’t hit the ground running without planning out and documenting the steps for your growth strategy. We recommend downloading this free Growth Strategy Template and working off the included section prompts to outline your intended process for growth in your organization.
2. Choose your targeted area of growth.
It’s great that you want to grow your business, but what exactly do you want to grow?
Your business growth plan should hone in on specific areas of growth. Common focuses of strategic growth initiatives might include:
- Growth in employee headcount
- Expansion of current office, retail, and/or warehouse space
- Addition of new locations or branches of your business
- Expansion into new regions, locations, cities, or countries
- Addition of new products and/or services
- Expanding purchase locations (i.e. selling in new stores or launching an online store)
- Growth in revenue and/or profit
- Growth of customer base and/or customer acquisition rate
It’s possible that your growth plan will encompass more than one of the initiatives outlined above, which makes sense — the best growth doesn't happen in a vacuum. For example, growing your unit sales will result in growth in revenue — and possibly additional locations and headcount to support the increased sales.
3. Conduct market and industry research.
After you’ve chosen what you want to grow, you’ll need to justify why you want to grow in this area (and if growth is even possible).
Researching the state of your industry is the best way to determine if your desired growth is both necessary and feasible. Examples could include running surveys and focus groups with existing and potential customers or digging into existing industry research.
The knowledge and facts you uncover in this step will shape the expectations and growth goals for this project to better determine a timeline, budget, and ultimate goal. This brings us to step four…
4. Set growth goals.
Once you’ve determined what you’re growing and why you’re growing, the next step is to determine how much you’ll be growing.
These goals should be based on your endgame aspirations of where you ideally want your organization to be, but they should also be achievable and realistic – which is why setting a goal based on industry research is so valuable.
Lastly, take the steps to quantify your goals in terms of metrics and timeline. Aiming to "grow sales by 30% quarter-over-quarter for the next three years" is much clearer than "increasing sales."
5. Plan your course of action.
Next, outline how you’ll achieve your growth goals with a detailed growth strategy. Again – we suggest writing out a detailed growth strategy plan to gain the understanding and buy-in of your team.
Download this Template
This action plan should contain a list of action items, deadlines, teams or persons responsible, and resources for attaining your growth goal.
6. Determine your growth tools and requirements.
The last step before acting on your plan is determining any requirements your team will need through the process. These are specific resources that will help you meet your growth goals faster and with more accuracy. Examples might include:
- Funding: Organizations may need a capital investment or an internal budget allocation to see this project through.
- Tools & Software: Consider what technological resources may be needed to expedite and/or gain insights from the growth process.
- Services: Growth may be better achieved with the help of consultants, designers, or planners in a specific field.
7. Execute your plan.
With all of your planning, resourcing, and goal-setting complete, you’re now ready to execute your company growth plan and deliver results for the business.
Throughout this time, make sure you’re holding your stakeholders accountable, keeping the line of communication open, and comparing initial results to your forecasted growth goals to see if your projected results are still achievable or if anything needs to be adjusted.
Your growth plan and the tactics you leverage will ultimately be specific to your business, but there are some universal strategies you can implement when getting started.
To expand a business and its revenue, companies can implement different strategies for growth. Examples of growth strategy include:
Growth Strategy Examples
- Viral Loops
- Milestone Referrals
- Word-of-Mouth
- The 'When They Zig, We Zag' Approach
- In-Person Outreach
- Market Penetration
- Market Development
- Product Development
- Growth Alliances
- Acquisitions
- Organic Growth
- Social Media
- Excellent Customer Service
1. Viral Loops
Some growth strategies are tailored to be completely self-sustainable. They require an initial push, but ultimately, they rely primarily (if not solely) on users' enthusiasm to keep them going. One strategy that fits that bill is the viral loop.
The basic premise of a viral loop is straightforward:
- Someone tries your product.
- They're offered a valuable incentive to share it with others.
- They accept and share with their network.
- New users sign up, see the incentive for themselves, and share with their networks.
For instance, a cloud storage company trying to get off the ground might offer users an additional 500 MB for each referral.
Ideally, your incentive will be compelling enough for users to actively and enthusiastically encourage their friends and family to get on board. At its best, a viral loop is a self-perpetuating acquisition machine that operates 24/7/365.
That said, viral loops are not guaranteed to go viral, and they’ve become less effective as they’ve become more commonplace. But the potential is still there.
Part of the appeal is that the viral loop flips the traditional funnel upside-down:
Instead of needing as many leads as possible at the top, a viral loop funnel requires just one satisfied user to share with others. As long as every referral results in at least 1.1 new users, the system continues growing.
2. Milestone Referrals
The milestone referral model is similar to the viral loop in that it relies on incentives to kickstart and sustain it. But milestone referrals add a more intricate, progressive element to the process.
Companies that leverage viral loops generally offer a flat, consistent offer for individual referrals — businesses that use milestone referrals offer rewards for hitting specific benchmarks. In many cases, "milestones" are metrics like the number of referred friends.
For example, a business might include different or increasingly enticing incentives that come with one, five, and 10 referrals as opposed to a fixed incentive for each referral. A company will often leverage this strategy to encourage users to bring on a volume of friends and family that suits its specific business goals.
The strategy also adds an engaging element to the referral process. When done right, milestone referrals are simple to share with relatively straightforward objectives and enticing, tangible products as rewards.
3. Word-of-Mouth
Word-of-mouth is organic and effective. Recommendations from friends and family are some of the most powerful incentives for consumers to purchase or try a product or service.
The secret of word-of-mouth’s effectiveness lies in a deeply rooted psychological bias all people have — we subconsciously believe the majority knows better.
Social proof is central to most successful sales copywriting and broader content marketing efforts. That's why businesses draw so much attention to their online reputations.
They know in today's customer-driven world — one where communication methods change and information is available to all — a single negative blog post or tweet can compromise an entire marketing effort.
Pete Blackshaw , the father of digital word-of-mouth growth, says, "satisfied customers tell three friends; angry customers tell 3,000."
The key with word-of-mouth is to focus on a positive user experience. You need to grow a base of satisfied customers and sustain the wave of loyal feedback that comes with it.
With this method, you have to focus on delivering a spectacular user experience, and users will spread the word for you.
4. The "When They Zig, We Zag" Approach
Sometimes the best growth strategy a company can employ is standing out — offering a unique experience that sets it apart from other businesses in its space. When monotony defines an industry, the company that breaks it often finds an edge.
Say your company developed an app for transitioning playlists between music streaming apps. Assume you have a few competitors who all generate revenue through ads and paid subscriptions — both of which frustrate users.
In that case, you might be best off trying to shed some of the baggage that customers run into trouble with when using your competitors' programs. If your service is paid, you could consider offering a free trial of an ad-free experience — right off the bat.
The point here is that there's often a lot of value and opportunity in differentiating yourself. If you can "zig when they zag", you can capture consumers' attention and capitalize on their shifting interests.
5. In-Person Outreach
It might be a while before this particular approach can be employed again, but it's effective enough to warrant a mention. Sometimes, adding a human element to your growth strategy can help set things in motion for your business.
Prospects are often receptive to a personal approach — and there's nothing more personal than immediate, face-to-face interactions. Putting boots on the ground and personally interfacing with potential customers can be a great way to get your business the traction it needs to get going.
This could mean hosting or sponsoring events, attending conferences relevant to your space, hiring brand ambassadors, or any other way to directly and strategically reach out to your target demographic in person.
6. Market Penetration
Competition is a necessary part of business. Imagine that two companies in the same industry are targeting the same consumers. Typically, whatever customers Business A has, Business B does not. Market penetration is a strategy that builds off of this tug-of-war.
Market penetration increases the market share — the percentage of total sales in an industry generated by a company — of a product within a given industry. Coca-Cola, the most popular carbonated beverage in the United States, has a 42.8% market share. If competitors like Pepsi and Sprite were looking to increase market penetration, they would need to increase market share. This increase would imply that they are acquiring customers that were previously buying Coca-Cola or other carbonated beverage brands.
While lowering prices and advertising are two costly yet effective tactics to increase market share, they are part of a series of methods businesses can use for overall sales and customer retention.
7. Development
If a company feels as if they have plateaued and its current market no longer has room for growth, it might switch strategies from market penetration to market development. While market penetration focuses on a company and its current market, market development strategies lead businesses to tap into a new one.
Companies can decide to manufacture new products or find an innovative use for their project. Take Uber. Although few would say that the rideshare company has plateaued, six years after its launch in 2009, Uber launched UberEats, its online food ordering, and delivery platform. The company already had drivers set to take passengers to their destinations. Uber expanded their idea and has become one of the biggest names in the food delivery industry.
8. Product Development
For growth, many businesses need to introduce something new. Product development — the creation of a new product or the enhancement of an existing one — allows companies to attract new customers and retain existing ones.
Online fast-fashion retailers are an example of this. A company like ASOS built its brand off of clothing. To appeal to a bigger customer base, it has since added face and body products, a collection made up of ASOS products and other popular brands. If an interested customer prefers to shop for their clothes, makeup, and skincare products at once, the brand now serves as a big draw.
9. Growth Alliances
Growth alliances are strategic collaborations between companies. They further the growth goals of the involved parties. Take JCPenney and Sephora. For Sephora, it can’t hurt for the makeup retailer to have more stores across the country. JCPenney, however, needed to keep up with powerhouses like Macy’s and its fully-fledged makeup section.
In 2006, Sephora began opening stores inside JCPenney. As of 2022, Sephora Inside JCPenney is now in over 574 stores. Simultaneously, JCPenney now carries a selection of makeup to rival competitors.
10. Acquisitions
Companies can use an acquisition strategy to promote growth. By acquiring other businesses, companies expand their operations through creating new products or expanding into a new industry. One of the more obvious ideas for growth, this strategy offers significant benefits to companies. They allow for faster growth, access to more customers, lower business risk, and more.
Founded in 1837, Procter & Gamble is a consumer goods company known for its acquisitions. It initially started in soaps and candles but currently has 65 acquired companies that have allowed it to expand into different markets. The list includes Pampers, Tide, Bounty, Tampax, Old Spice, and more. Although its sales dipped between 2016-2019, Procter & Gamble’s net sales for 2021 were $76 billion, its best year within the last decade.
11. Organic Growth
As mentioned previously, organic growth is the most ideal business growth strategy. It could look like focusing on SEO, developing engaging content, or prioritizing advertisements. Instead of focusing on external growth, organic growth is a sustainable strategy that promotes long-term success.
12. Leverage Social Media
Having a strong social media presence can be invaluable to marketing and business growth. Be sure to establish brand pages on all social media platforms like Instagram, Facebook, Pinterest, TikTok, Twitter, etc. Social media can help you increase engagement with your target audience and make it easier for potential customers to find your brand. It’s also great for word-of-mouth promotion as existing customers will likely share your content with their network.
13. Provide Excellent Customer Service
It can be tempting to focus on acquiring new customers, but maintaining loyalty with your existing customers is just as important. Providing an excellent customer service experience ensures that you’ll continue to keep the customers you have, and there’s a good chance you’ll reap some referrals too.
The Key to Growing Your Business
Controlled, sustainable growth is the key to successful businesses. Industries are constantly changing, and it is the responsibility of companies to adapt to these changes.
Successful companies plan for growth. They work for it. They earn it. So what's your plan?
Editor's note: This post was originally published in March 2020 and has been updated for comprehensiveness.
Don't forget to share this post!
Related articles.
22 Best Sales Strategies, Plans, & Initiatives for Success [Templates]
9 Key Social Selling Tips, According to Experts
7 Social Selling Trends to Leverage This Year [New Data]
How Do Buyers Prefer to Interact With Sales Reps? [New Data]
7 Sales Tips You Need to Know For 2024 [Expert Insights]
What is Sales Planning? How to Create a Sales Plan
Sales Tech: What Is It + What Does Your Team Really Need?
10 Key Sales Challenges for 2024 [+How You Can Overcome Them]
The Top Sales Trends of 2024 & How To Leverage Them [New Data + Expert Tips]
5 Predictions on the Future of Sales [Data & Expert Insights from Bardeen, Aircall, and HubSpot]
Plan your business's growth strategy with this free template.
Powerful and easy-to-use sales software that drives productivity, enables customer connection, and supports growing sales orgs
.css-s5s6ko{margin-right:42px;color:#F5F4F3;}@media (max-width: 1120px){.css-s5s6ko{margin-right:12px;}} Join us: Learn how to build a trusted AI strategy to support your company's intelligent transformation, featuring Forrester .css-1ixh9fn{display:inline-block;}@media (max-width: 480px){.css-1ixh9fn{display:block;margin-top:12px;}} .css-1uaoevr-heading-6{font-size:14px;line-height:24px;font-weight:500;-webkit-text-decoration:underline;text-decoration:underline;color:#F5F4F3;}.css-1uaoevr-heading-6:hover{color:#F5F4F3;} .css-ora5nu-heading-6{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;color:#0D0E10;-webkit-transition:all 0.3s;transition:all 0.3s;position:relative;font-size:16px;line-height:28px;padding:0;font-size:14px;line-height:24px;font-weight:500;-webkit-text-decoration:underline;text-decoration:underline;color:#F5F4F3;}.css-ora5nu-heading-6:hover{border-bottom:0;color:#CD4848;}.css-ora5nu-heading-6:hover path{fill:#CD4848;}.css-ora5nu-heading-6:hover div{border-color:#CD4848;}.css-ora5nu-heading-6:hover div:before{border-left-color:#CD4848;}.css-ora5nu-heading-6:active{border-bottom:0;background-color:#EBE8E8;color:#0D0E10;}.css-ora5nu-heading-6:active path{fill:#0D0E10;}.css-ora5nu-heading-6:active div{border-color:#0D0E10;}.css-ora5nu-heading-6:active div:before{border-left-color:#0D0E10;}.css-ora5nu-heading-6:hover{color:#F5F4F3;} Register now .css-1k6cidy{width:11px;height:11px;margin-left:8px;}.css-1k6cidy path{fill:currentColor;}
- Create an action plan that drives resul ...
Create an action plan that drives results
An action plan outlines precisely how you’re planning to accomplish your goals. It’s the perfect way to approach goals systematically and keep your team on target. In this article, we will cover how to create an action plan in six steps and how to implement it successfully. Plus, learn more about the differences between action plans, project plans, and to-do lists.
It can feel good to make goals. After all, you’re defining what you want to accomplish. But goals won’t do much without clear action steps. An action plan is a popular project management technique that lists your action steps so you know exactly how you’re going to accomplish your goals.
We’re going to show you how to create this clear roadmap step by step and other tools you should utilize to get the most out of your action plan. Let’s dive in.
What is an action plan?
An action plan is a list of tasks or steps you need to complete to achieve your goals. An effective action plan works like a management plan for your company’s initiatives, outlining the steps you need to take to make these larger goals a success. Once you go through the goal-setting process, create an action plan with specific tasks and timeframes to reach each goal.
Who needs an action plan?
An action plan is useful for anyone who needs a step-by-step planning process. When you create an action plan, you detail exactly what actions you'll take to accomplish your project goals. These plans can help you organize your to-dos and ensure you have the necessary information and resources to accomplish your goals.
But you can create action plans for more than just strategic planning. Use this tool to reach any specific goals in a systematic way. Try setting up:
Business action plan
Marketing action plan
Corrective action plan
Sales action plan
Project action plan
Personal development action plan
Regardless of the type of action plan you create, make sure you create it in task management software . That way, you can easily share action items and timelines with your team to track progress. Instead of manual status updates and unclear deliverables, your team has one central source of truth for everything they need to do in order to hit their goals.
Now let’s get into how you can create an action plan that increases your team’s efficiency and accountability.
6 steps to create an action plan
Step 1: set a smart goal.
When it comes to setting goals, clarity is the single most important quality. With the SMART goal method, your goal is clearly defined and attainable. Set specific, measurable, achievable, realistic, and time-bound goals to benefit from this tactic.
For example, your goal could be to deliver your current project (measurable) in four months (time-bound) without overspending (specific). Assuming this goal is both achievable and realistic based on your available resources, it’s a great SMART goal to set for yourself.
Step 2: Identify tasks
Now that your goal is clearly defined and written down, you’ll want to identify the steps you have to take to reach it. Identify all of the tasks that you and your team need to complete to reach milestones and, eventually, the main objective.
Here are a few action plan examples with tasks for different kinds of goals:
Goal: Expand team from seven to nine team members by June.
Meet with Human Resources to discuss the recruitment campaign.
Create a template project to track candidates.
Schedule three interviews per week.
Goal: Select and onboard new work management software to the entire company by the end of Q2.
Apply for the budget.
Create a roll-out plan for Q2.
Schedule training for team members.
Goal: Host 5k charity run in May to raise $15,000 for the local food bank.
Find volunteers and determine responsibilities
Prepare marketing materials and PR plans
Secure sponsors
Step 3: Allocate resources
Once you’ve outlined all of your tasks, you can allocate resources like team members, project budget, or necessary equipment. Whether it’s assigning team members to certain tasks, applying for a budget, or gathering helpful tools—now is the time to plan and prepare.
Sometimes, you can’t allocate all of your resources before you put your action plan in motion. Perhaps you have to apply for funding first or need executive approval before you can move on with a task. In that case, make the resource an action item in your plan so you can take care of it later.
Step 4: Prioritize tasks
When your team is clear on their priorities, they know what work to do first and what work they can reschedule if necessary. No action plan is set in stone, so the best way to empower your team is to let them know what tasks have a high priority and which ones are a bit more flexible.
To make this clear, sort all of your action items by priority and sequence:
Priority: Important and less important tasks.
Sequence: Order in which tasks have to be completed so others can start.
When you’re organizing and prioritizing your action items , you’ll notice that some action items are dependent on others. In other words, one task can’t begin until the previous task is completed. Highlight these dependencies and factor the sequence into your prioritization. This reduces bottlenecks , removing obstacles that would make a less important action item delay a high-priority item.
Step 5: Set deadlines and milestones
When your team knows what they're working towards, they have the context to effectively prioritize work and the motivation to get great work done. Team members tend to be more motivated when they directly understand how their work is contributing to larger goals.
To engage your teammates from the get go, assign deadlines to all action items and define milestones . Milestones mark specific points along your project timeline that identify when activities have been completed or when a new phase starts
Create a timeline or Gantt chart to get a better overview of your prioritized tasks, milestones, and deadlines. Your timeline also serves as a visual way to track the start and end dates of every task in your action plan. You can use it as a baseline to make sure your team stays on track.
Step 6: Monitor and revise your action plan
Your ability to stay on top of and adapt to changes is what makes you a great project manager. It’s crucial that you monitor your team’s progress and revise the plan when necessary.
Luckily, your action plan isn’t set in stone. The best way to track potentially changing priorities or deadlines is to use a dynamic tool like a work management software . That way, you can update to-dos and dependencies in real time, keep your team on the same page, and your action plan moving.
Action plan vs. plan B vs. project plan vs. to-do list
So how exactly does an action plan differ from all these other plans and lists? To clear this up once and for all, we’re going to explain what these plans are and when to use which plan to maximize your team’s efforts.
Action plan vs. plan B
You may have heard the terms action plan and plan B used interchangeably. But in fact, an action plan and plan B are two completely different types of plans. Here’s how to tell them apart:
Your action plan outlines actions in much detail so you and your team know exactly what steps to take to reach your goal.
A plan B is a secondary action plan, an alternative strategy, that your team can apply if your original plan fails. Whether that’s because of an internal issue or an external factor—having a plan B is a great way to be prepared for the worst case scenario.
Action plan vs. project plan
A project plan is a bit more complicated than an action plan. Project plans are blueprints of the key elements your team needs to accomplish to successfully achieve your project goals. A project plan includes seven elements:
Goals and project objectives
Success metrics
Stakeholders and roles
Scope and budget
Milestones and deliverables
Timeline and schedule
Communication plan
Once you’ve created a project plan, use an action plan to outline and document how your team will execute your tasks and hit your goals. This will ensure that everyone on your team knows what their responsibilities are and what to get done by when.
Action plan vs. to-do list
A to-do list is typically used to write down single tasks that don’t necessarily lead to one common goal. To-do lists can change daily and are much less organized than action plans. An action plan will follow specific steps and include tasks that all lead to the completion of a common goal.
How to implement your action plan successfully
You know how to create an action plan, but in order to implement it successfully, you need to use the right tools and use them correctly. Here are our top five tips to ensure your action plan is effective:
Use task management software
Streamline your action plan by keeping all of your tasks and timelines in one central source of truth. Task management software, like Asana , is perfect for your action plan because it allows you to keep track of pending tasks, declare task ownership, assign dependencies, and connect with your team in real time or asynchronously .
Use or create templates
Create or use a template that lists all the action items with notes, status, priority, and ownership. When you create a template that fits your project type, you can reuse it time and time again.
Set up real-time alerts and assign dependencies
Make sure all action items are time-bound and that you assign dependencies. That way, your team can react when an item is ready for them and easily track what other items depend on theirs.
Check action items off as you complete them
When action items are completed, check them off! Make sure it’s visible to everyone and happens in real time so the person responsible for the next action item can start their work as soon as possible.
Discuss late or pending tasks
If you run into issues or delays, talk to your team to uncover potential bottlenecks and find solutions that keep the action plan on track. You can add notes directly into your action plan or set up calls to discuss more complex issues.
Ready, set, action plan
Like Benjamin Franklin once said: “If you fail to plan, you are planning to fail.” Creating an action plan helps you stay focused, on track, and brings your goals to life.
Plan to succeed with a structured action plan and helpful tools like Asana’s task management software. Connect and align with your team in a central source of truth while staying flexible enough to revise your action plan when necessary.
Related resources
Unmanaged business goals don’t work. Here’s what does.
How Asana uses work management to effectively manage goals
Beat thrash for good: 4 organizational planning challenges and solutions
Use critical success factors to support your strategic plan
How to Plan a Business Expansion Using Your Business Plan
Rob Stephens
8 min. read
Updated October 29, 2023
Businesses start when their founders see a need for a product or service that they can provide. Businesses expand for the same reasons. You may grow to tap new markets or increase sales in your current markets.
A good business plan is critical to starting a successful business. Creating a plan for business expansions is no less essential. And using your business plan template to develop an expansion plan increases your odds of success and allows you to avoid bad investments.
While it’s called a business plan, it can be written and utilized to successfully enter a new market, launch a product, or weigh the potential of adding an employee.
Throughout my 25-year career, I’ve written business plans or have been a part of teams developing plans for business expansions. Here are some best practices you can implement, that I have learned first-hand.
- How to use your business plan as a checklist
A business plan’s table of contents serves as a checklist of all the aspects to consider when expanding your business. It starts with a high-level strategy and continues all the way to market analysis, sales plans, operations planning, and financial modeling.
You don’t create a new mission or vision statement when planning for new investments. Instead, your plan shows how the new investment supports your existing values, mission, and vision. Quickly scratch out a business plan, even employing a lean planning model , for your expansion like it’s a new business.
You then clearly outline the strategy for your expansion and develop the steps for executing that strategy. The following standard business plan sections are essential to your expansion plans.
- Executive summary: This short summary quickly informs your employees, lenders, and investors about the nature and benefits of the expansion. It enhances communication and forces you to clarify the key aspects of the expansion.
- Operations, marketing, and personnel plans: You’ll outline the details of what operational costs, marketing budget, and additional positions you’ll need for your expansion to be a success. This will also be the roadmap for your existing employees to execute that plan.
- Financial projections: You’ll need to forecast how the expansion will improve future profitability. Initial versions may show you need to make changes to your plans to reach an acceptable return. Your projections will estimate the amount of capital you’ll need for the expansion.
- Pausing to ensure profitability
Business owners and managers make optimistic assumptions about a project’s success when they are emotionally committed to an idea. They readily accept anecdotal evidence of success. The decision-making error of confirmation bias causes them to accept facts that support their beliefs while ignoring facts to the contrary.
Put simply, they get sloppy in their rush to “seize the opportunity.” As the saying goes, haste makes waste. The rush to claim perceived profits wastes cash .
Expanding to new regions and rolling out new product lines are complicated endeavors. Thinking through a business plan for these initiatives provides critical analysis of the feasibility of the plan. The plan then serves as the implementation roadmap for executing your expansion.
Brought to you by
Create a professional business plan
Using ai and step-by-step instructions.
Secure funding
Validate ideas
Build a strategy
Methods for testing if your expansion makes financial sense
There are two ways to prevent you from executing on a plan that hasn’t been thoroughly thought through.
The first is preparing a thorough plan to submit or pitch in order to get cash for the expansion. Lenders and equity investors are less emotionally involved in the plan as people within the company. They’ll easily tell you if they think it’s a well thought out endeavor by way of choosing to or not to fund you.
The second way is to appoint a “devil’s advocate” for the expansion plan. This is crucial when there is little discussion and little disagreement about a plan. As Patton said, “If everyone is thinking alike, then someone isn’t thinking.” Appoint at least one person to identify weaknesses or unanswered questions.
- A business plan for a new employee in a new market
Analyzing a new region or a new employee is very similar to starting a new business. You use the same business plan components you used when starting your business when planning for and making these other major business decisions.
For example, I was the Program Manager for a group of investment advisors at a financial institution that had banking branches in a rapidly growing region. One of my advisors in another region was simultaneously servicing their own region along with this one. I needed to determine whether we could profitably hire an additional advisor to properly manage this emerging marker to allow the current advisor more time to manage their own.
By walking through a business plan outline, it helped me research the market, identify the characteristics of a target candidate, and calculate the financial feasibility of placing an advisor in the market. To be honest, the plan showed we had limited opportunities.
However, the plan identified the few options that would be successful in this market. Doing so helped us avoid mistakes that could have cost us substantial time and money.
- Planning for new regions
The first investor you always need to convince with a business plan is yourself. This is even more true for plans for new locations and regions. You’re deciding whether to invest your company’s money and time into these new locations. Once again, the components of a startup business plan are useful for these expansions.
In this case, your planning and analyzing the allocation of resources and capital. Resources committed to the new location aren’t available for other opportunities. So if your company says “yes” to this expansion plan, it must say no to another.
Business plans for new companies answer the question, “Should I start this company?” Plans for new locations answer the question, “Is this the best investment of my company’s resources?” You’re comparing the return on the new location to the return of your other options.
- Mission, vision, and values
I was the CFO of a community health clinic system, and we were quickly growing with scarce resources. Our mission, as defined by the community partners that formed us, was to provide medical, dental, and mental health services.
We ran a transitional housing program that was weakly linked to our mission. The transitional housing, while an admirable initiative, was funneling resources away from our primary mission, so we decided to exit the program.
If we had done a business plan before we began transitional housing, we could have identified how it didn’t support our mission. A thorough plan could have shown us the time and financial commitment needed to run the program, as well as how to invest our scarce resources better.
- Avoiding losses through planning
Not all plans are executed. That’s success, not failure.
The weaknesses of a plan usually surfaces during financial analysis or operations planning. That’s where I’ve repeatedly found problems that weren’t necessarily obvious at first.
This typically occurred with new products. Financial analysis often showed how the new product or pricing caused profits of other products or existing products to drop. Operations planning would sometimes project production costs well above initial estimates. If interested, I explain this exact scenario in more detail in an article I did on pricing analysis .
Saying no to a project after careful planning is a success, not a failure. You now know what not to do, which is valuable all the same. Avoiding mistakes prevents wasting time and money.
- Integrating the project plan into your full business plan
After you’ve gone through the process of developing and scrutinizing every inch of your plan and found it to be viable , it’s time to execute. And that means integrating it into your master business plan.
You’ll need to identify how the expansion plan will pull away resources from other parts of your business plan. Additionally, you’ll need to address the addition on your budget sheet and forecasts, as well as determine which projects have priority for these resources.
Expansions often decrease profits before increasing them and require large initial investments. The investment expenses precede the revenues they will ultimately produce and may lead to cash or profitability constraints . Phase in your plan slowly to dampen the impact on your cash flow and maintain profitability.
Remember your stakeholders’ interests
I worked at a financial institution that developed a plan for remodeling all existing branches and building new branches. We were committed to the concept but repeatedly pushed back parts of the plan to maintain a return on assets that was acceptable to our board of directors.
Marketing messages and the interests of your current audience will also need to be prioritized. Will marketing for the expansion dilute marketing of your brand or other products? Do you need to further segment out your established target market?
It can be very easy to promote too much or send the wrong message when launching an expansion. Determine how you’ll approach your marketing efforts to ensure that you don’t overwhelm or deter your customers.
- From concept to execution
Planning doesn’t occur in a straight line from idea to execution. It’s much messier than that and requires difficult conversations and compromises. Not all ideas are good, but a planning process that identifies bad investments can lead to success, even if you decide not to expand.
Revisit and update your plan before deciding to marry expansions with existing operations. You can easily use the business planning process to evaluate opportunities and identify your best path forward. All that work will then pay off as you quickly execute a comprehensive and well-coordinated expansion plan.
See why 1.2 million entrepreneurs have written their business plans with LivePlan
Rob Stephens is the Founder of CFO Perspective, where he provides financial consulting and education to small businesses. Rob has a 20-year career that includes serving as CFO for two banks and a health clinic system.
Table of Contents
Related Articles
5 Min. Read
How to Partner With Companies to Grow Your Business
7 Min. Read
The Top Opportunities Entrepreneurs Should Examine for Professional Growth
6 Min. Read
Five Signs That It’s Time to Scale up Your Business
4 Tactics for Business Growth and Expansion
The Bplans Newsletter
The Bplans Weekly
Subscribe now for weekly advice and free downloadable resources to help start and grow your business.
We care about your privacy. See our privacy policy .
Tax Season Savings
Get 40% off LivePlan
The #1 rated business plan software
Transform Tax Season into Growth Season
Discover the world’s #1 plan building software
Do you have the world's best boss? Enter them to win two tickets to Sandals!
- Starting a Business
Our Top Picks
- Best Small Business Loans
- Best Business Internet Service
- Best Online Payroll Service
- Best Business Phone Systems
Our In-Depth Reviews
- OnPay Payroll Review
- ADP Payroll Review
- Ooma Office Review
- RingCentral Review
Explore More
- Business Solutions
- Entrepreneurship
- Franchising
- Best Accounting Software
- Best Merchant Services Providers
- Best Credit Card Processors
- Best Mobile Credit Card Processors
- Clover Review
- Merchant One Review
- QuickBooks Online Review
- Xero Accounting Review
- Financial Solutions
Human Resources
- Best Human Resources Outsourcing Services
- Best Time and Attendance Software
- Best PEO Services
- Best Business Employee Retirement Plans
- Bambee Review
- Rippling HR Software Review
- TriNet Review
- Gusto Payroll Review
- HR Solutions
Marketing and Sales
- Best Text Message Marketing Services
- Best CRM Software
- Best Email Marketing Services
- Best Website Builders
- Textedly Review
- Salesforce Review
- EZ Texting Review
- Textline Review
- Business Intelligence
- Marketing Solutions
- Marketing Strategy
- Public Relations
- Social Media
- Best GPS Fleet Management Software
- Best POS Systems
- Best Employee Monitoring Software
- Best Document Management Software
- Verizon Connect Fleet GPS Review
- Zoom Review
- Samsara Review
- Zoho CRM Review
- Technology Solutions
Business Basics
- 4 Simple Steps to Valuing Your Small Business
- How to Write a Business Growth Plan
- 12 Business Skills You Need to Master
- How to Start a One-Person Business
- FreshBooks vs. QuickBooks Comparison
- Salesforce CRM vs. Zoho CRM
- RingCentral vs. Zoom Comparison
- 10 Ways to Generate More Sales Leads
Writing a Business Growth Plan
Table of Contents
When you run a business, it’s easy to get caught in the moment and focus only on the day in front of you. However, to be truly successful, you must look ahead and plan for growth. Many business owners create a business growth plan to map out the next one or two years and pinpoint how and when revenues will increase.
We’ll explain more about business growth plans and share strategies for writing a business growth plan that can set you on a path to success.
What is a business growth plan?
A business growth plan outlines where a company sees itself in the next one to two years. Business owners and leaders apply a growth mindset to create plans for expansion and increased revenues.
Business growth plans should be formatted quarterly. At the end of each quarter, the company can review the business goals it achieved and missed during that period. At this point, management can revise the business growth plan to reflect the current market standing.
What to include in a business growth plan
A business growth plan focuses specifically on expansion and how you’ll achieve it. Creating a useful plan takes time, but keeping your growth efforts on track can pay off substantially.
You should include the following elements in your growth plan:
- A description of expansion opportunities
- Financial goals broken down by quarter and year
- A marketing plan that details how you’ll achieve growth
- A financial plan to determine what capital is accessible during growth
- A breakdown of your company’s staffing needs and responsibilities
Your growth plan should also include an assessment of your operating systems and computer networks to determine if they can accommodate profitable growth .
How to write a business growth plan
To successfully write a business growth plan, you must do some forward-thinking and research. Here are some key steps to follow when writing your business growth plan.
1. Think ahead.
The future is always unpredictable. However, if you study your target market, your competition and your company’s past growth, you can plan for future expansion. The Small Business Administration (SBA) features a comprehensive guide to writing a business plan for growth.
2. Study other growth plans.
Before you start writing, review models from successful companies.
3. Discover opportunities for growth.
With some homework, you can determine if your expansion opportunities lie in creating new products , adding more services, targeting a new market, opening new business locations or going global, to name a few examples. Once you’ve identified your best options for growth, include them in your plan.
4. Evaluate your team.
Your plan should include an assessment of your employees and a look at staffing requirements to meet your growth objectives. By assessing your own skills and those of your employees, you can determine how much growth can be accomplished with your present team. You’ll also know when to ramp up the hiring process and what skill sets to look for in those new hires.
5. Find the capital.
Include detailed information on how you will fund expansion. Business.gov offers a guide on how to prepare funding requests and how to connect with SBA lenders.
6. Get the word out.
Growing your business requires a targeted marketing effort. Be sure to outline how you will effectively market your business to encourage growth and how your marketing efforts will evolve as you grow.
7. Ask for help.
Advice from other business owners who have enjoyed successful growth can be the ultimate tool in writing your growth plan.
8. Start writing.
Business plan software has streamlined the process of writing growth plans by providing templates you can fill in with information specific to your company and industry. Most software programs are geared toward general business plans; however, you can easily modify them to create a plan that focuses on growth.
If you don’t have business plan software, don’t worry. You can create a business growth plan using Microsoft Word, Google Docs or a similar tool. For each growth opportunity, create the following sections:
- What is the opportunity? Is your growth opportunity a new geographic expansion, a new product or a new customer segment? How do you know there’s an opportunity? Include your market research to demonstrate the idea’s viability.
- What factors make this opportunity valuable at this time? For example, your growth opportunity could utilize new technology, take advantage of a strategic partnership or capitalize on a consumer trend.
- What are the risk factors for this opportunity? Identify factors that may make this growth opportunity challenging to execute. For example, challenges may include the state of the overall economy, intense competition or supply chain distribution issues. What is your plan for dealing with these challenges?
- What is your marketing and sales plan? Identify the marketing efforts and sales processes that can help you seize this growth opportunity. Detail the marketing channel you’ll use ( social media marketing , print marketing), your message and promising sales ideas. For example, you could hire sales reps for a new geographic area or set up distribution deals with relevant brick-and-mortar or online retailers .
- What are the costs involved in this growth area? For example, if you add a new product, you may need to buy new manufacturing equipment and raw materials. While marketing costs are a given, remember to include incremental sales costs like commissions. Outline any economies of scale or places where your existing operations make the new growth area less expensive than a stand-alone initiative.
- How will your income, expenses and cash flow look? Project your income and expenses, and prepare a cash flow statement for the new growth area for the next three to five years. Include a break-even analysis, a sales forecast and all projected expenses to see how much the new initiative will add to the bottom line. Include how the new growth area will positively (or negatively) impact existing sales. For example, if you sell bathing suits and you decide to grow by adding cover-ups and sunglasses, you will likely sell more bathing suits.
A cash flow statement will indicate if you must secure additional financing, and a break-even analysis will let you know when the growth opportunity will stop being a drain on the company’s financial resources and start turning a profit.
After completing this exercise for each growth opportunity:
- Create a summary that accounts for all growth areas for the period.
- Include summarized financial statements to see the entire picture and its impact on the company.
- Evaluate the financing you’ll need to implement the plan, and include various options and rates.
Why are business growth plans important?
These are some of the many reasons why business growth plans are essential:
- Market share and penetration: If your market share remains constant in a world where costs consistently increase, you’ll inevitably start recording losses instead of profits. Business growth plans help you avoid this scenario.
- Recouping early losses: Most companies lose far more than they earn in their early years. To recoup these losses, you’ll need to grow your company to a point where it can make enough revenue to pay off your debts.
- Future risk minimization: Growth plans also matter for established businesses. These companies can always stand to make their sales more efficient and become more liquid. Liquidity can come in handy if you need money to cover unexpected problems.
- Appealing to investors: For most businesses, a business growth plan’s primary purpose is to find investors . Investors want to outline your company’s plans to build sales in the coming months.
- Concrete revenue plans: Growth plans are customizable to each business and don’t have to follow a set template. However, all business growth plans must focus heavily on revenue. The plan should answer a simple question: How does your company plan to make money each quarter?
Motivate your employees by sharing your growth plan. When employees see an opportunity for increased responsibility and compensation, they’re more likely to stay with your business.
What factors impact business growth?
Consider the following crucial factors that can impact business growth:
- Leadership: To achieve your goals, you must know the ins and outs of your business processes and how external forces impact them. Without this knowledge, you can’t direct and train your team to drive your revenue, and you will experience stagnation instead of growth.
- Management: As a small business owner, you’re innately involved in management – obtaining funding, resources, and physical and digital infrastructure. Ineffective management will impact your ability to perform these duties and could hamstring your growth.
- Customer loyalty: Acquiring new customers can be five times as expensive as retaining current ones, and a 5 percent boost in customer retention can increase profits by 25 percent to 95 percent. These statistics demonstrate that customer loyalty is fundamental to business growth.
What are the four major growth strategies?
There are countless growth strategies for businesses, but only four primary types. With these growth strategies, you can determine how to build on your brand.
- Market strategy: A market strategy refers to how you plan to penetrate your target audience . This strategy isn’t intended for entering a new market or creating new products and services to boost your market share; it’s about leveraging your current offerings. For instance, can you adjust your pricing? Should you launch a new marketing campaign?
- Development strategy: This strategy means looking into ways to break your products and services into a new market. If you can’t find the growth you want in the current market, a goal could be to expand to a new market.
- Product strategy: Also known as “product development,” this strategy focuses on what new products and services you can target to your current market. How can you grow your business without entering new markets? What are your customers asking for?
- Diversification strategy: Diversification means expanding both your products and target markets. This strategy is usually best for smaller companies that have the means to be versatile with the products or services they offer and what new markets they attempt to penetrate.
Max Freedman contributed to this article.
Get Weekly 5-Minute Business Advice
B. newsletter is your digest of bite-sized news, thought & brand leadership, and entertainment. All in one email.
Our mission is to help you take your team, your business and your career to the next level. Whether you're here for product recommendations, research or career advice, we're happy you're here!
- Home > Blog > Small Business Success > How to Create a Business Expansion Plan
- By Kelly Hillock
- Aug 2, 2023
- 8 mins read
How to Create a Business Expansion Plan
Expanding a business is a crucial step in a company’s growth process, requiring detailed planning, goal setting, and formulating strategies. Once you discern that the time is right to broaden your business horizon , creating a comprehensive business expansion plan becomes imperative.
What is a Business Expansion Plan?
A business expansion plan is a roadmap for growing a business, encompassing well-defined goals that are realistic and achievable along with strategies to expand, market products, and improve operational efficiency. It includes a thorough understanding of the market, competition, business operations, finances, and more.
The importance of this growth plan lies in its role as a guide, navigating a business’s growth trajectory. It helps business owners identify opportunities and challenges, allocate resources effectively, and make informed decisions that align with their overall business growth aspirations.
Steps to Create a Business Expansion Plan
1. conduct market research.
Embarking on business expansion demands meticulous market research, even if you have done some preliminary groundwork. This in-depth research should include insights into the market size, key players, future market trends, industry news, customer behavior, and other significant areas. This step helps to paint a comprehensive picture of the business landscape you wish to venture into. Conducting a SWOT analysis is also crucial during this phase, as it allows you to understand your strengths, weaknesses, opportunities, and threats, providing a clear picture of where your business stands and where it needs to go.
2. Define Goals and Objectives
The next step in creating a business expansion plan is to define your broad goals. These goals could vary widely, including increased sales revenue, conquering a specific market niche, addressing customer pain points, or acquiring other businesses. With your broad goals in place, the next crucial step is to refine them into SMART (Specific, Measurable, Achievable, Relevant, Time-bound) Goals. SMART Goals ensure your objectives are attainable, giving your team a clear direction and a sense of motivation.
What are SMART Business Goals?
SMART business goals are a strategic approach to setting objectives, ensuring they are clear and achievable. The SMART framework is an acronym that stands for:
- Questions to further elaborate your goals include: What specific market niche do I want to conquer? Which exact customer pain points am I aiming to address?
- For instance, if your broad goal is to increase sales revenue, define how much you want to improve it and in what timeframe.
- If planning to acquire a business, analyze whether it’s feasible considering your current financial position and market conditions.
- Your goal to diversify, for example, should align with the overall business vision and market trends.
- Time-bound: Every goal needs a target date to provide a sense of urgency and a deadline for focus. Think about: When can I achieve this goal? What can I do six months from now? What can I do six weeks from now?
Setting a clear timeline for achieving your goal, such as launching a new product within the next year, helps maintain momentum. Analyzing your broad goals through the prism of SMART goals will provide clarity, focus, and motivation, ensuring a purposeful approach to your business expansion plan.
3. Explore Business Expansion Strategies
Four potential strategies to consider for business expansion include market penetration, diversification, product development, and market development.
Market Penetration
Market penetration strategy aims to increase sales of existing products or services in the current market. This is achieved by attracting a larger customer base, increasing sales through existing customers, or taking market share from competitors. For example, a coffee shop could implement a loyalty program to encourage repeat purchases from existing customers.
Product Development
Product development strategy involves creating new products or improving existing ones to offer to your current market. For instance, a technology company might develop a new feature or entirely new software to offer to its existing customers.
Market Development
Market development strategy introduces your existing products or services into new markets. This could be new geographical areas, customer segments, or distribution channels. For instance, a clothing brand that previously sold products locally might start selling products online or expand to new cities or countries.
Diversification
A diversification strategy involves entering new markets with new products or services. This is generally the riskiest strategy requiring venturing into unfamiliar territories. For example, a jewelry company might expand into offering other accessories like belts or handbags.
4. Develop Ideas for Product and Services You’ll Offer
Once you’ve chosen your expansion strategy, it’s time to brainstorm ideas for new products or services. For instance, if you’ve chosen product development, consider improving an existing product or developing a completely new one that satisfies an unmet need of your existing customer base. On the other hand, if market development is your chosen strategy, consider how your current products or services can change to cater to the new market segment.
Plan for Scaling Logistics & Operations
Achieving your expansion goals is not just about planning for products and services but also about efficiently scaling your operations and logistics. Depending on your strategy, the plan might include acquiring new equipment, hiring additional personnel, launching a new warehouse or store, or eliminating inefficient processes that slow production.
Boosting logistics might involve streamlining the process of inventory acquisition, storage, product distribution, and shipping. For example, suppose your expansion strategy involves entering a new geographical market. In that case, you might need to explore local shipping options or set up a new distribution center to ensure the timely delivery of products to your new customers.
6. Chalk Out a Funding Plan for Business Expansion
Planning your finances is crucial for a successful business expansion. Several ways to fund an expansion include self-funding, procuring business expansion loans , attracting capital investments, or selling company shares. Self-funding ensures complete control but might limit the extent of your expansion. Expansion loans and capital investments provide larger funds, but you’ll have repayment or equity-sharing obligations. Selling shares can generate significant funds, but it dilutes ownership. Each method has pros and cons, so choose based on your business’s needs and financial health. Remember, you don’t have to acquire funding at this stage but have a plan for possible expansion financing options based on your business needs.
7. Define Marketing Strategy
A well-defined marketing strategy is key to reaching new customers and markets. Start by aligning your marketing goals with your SMART goals, providing a clear direction for your marketing efforts. Audit your current marketing strategy to identify what’s working and what needs improvement. Analyze your competitors’ marketing campaigns for insights and inspiration. Choose the right mix of marketing platforms based on your target audience, like paid marketing, organic marketing, and social media marketing. Lastly, set a realistic marketing budget considering each channel’s expected return on investment.
8. Document Your Business Expansion Plan
A well-documented business expansion plan serves as a roadmap for your growth journey. It should include the following elements:
- Executive Summary: This concise overview of your expansion plan provides key information like goals and objectives.
- Company Information: Detail your company’s history, current situation, and why you plan to expand.
- Market Analysis: Summarize your market research findings, SWOT analysis, and details about your target market.
- Product/Service Description: Explain what new or improved products or services you plan to offer.
- Logistics/Operational Strategy: Describe how you plan to scale your operations and logistics to support your expansion.
- Expansion Financing Plan: Discuss how you plan to fund your expansion, outlining the chosen method’s pros and cons.
- Marketing Strategy: Detail your marketing strategy, including your marketing goals, chosen platforms, and budget.
By incorporating these elements into your business expansion plan, you’ll have a comprehensive document that guides your decision-making process and helps potential investors or lenders understand your vision and strategy for growth.
You are leaving QuickBridge.com
You are now leaving the Quickbridge website, and are being connected to a third party website. Please note that Quickbridge is not responsible for the information, content, or product(s) found on third party websites.
Return to QuickBridge.com
A complete guide to global business expansion strategy
Everything you need to know to develop your own international business expansion strategy.
Overseas expansion can seem a farfetched dream to most, while even those considering the process may be daunted by its complexity. Yet, though expansion can be time-consuming and involved, it need not be exclusively the domain of giant corporations like McDonald’s, Google, Apple, or IKEA.
With a comprehensive and carefully-composed global business expansion strategy, even start-ups and SMEs can expand their operations into new, potentially lucrative markets.
This article provides a broad, overarching guide to international business expansion: what it is, how it can be beneficial as well as challenging, when to consider it, how to build a solid global business expansion strategy, and how partnering with an Employer of Record may drive the success of your overseas venture.
Why go global? A look at the benefits and challenges of international expansion
An important part of considering global expansion for your business is being aware of both the pros and cons, and balancing these carefully. For whilst there are many potential benefits to expanding overseas, there are a number of challenges you may first have to overcome, and the nature of your expansion will be informed by whether or not the pros outweigh the cons.
Potential pros of global business expansion
- Increasing global sales and expanding client lists by tapping into new and lucrative markets; including the potential to reset the lifecycle of older products and services.
- Maintaining a competitive edge in an increasingly globalized world by positioning yourself and your brand as a leader in untapped markets.
- Widen your available talent pool to include employees and contractors operating all around the world, with expertise in new and expanding areas.
- Increasing cost savings through relocation and access to new, more affordable markets.
- Securing the financial future of your company by diversifying your revenue streams and the markets you operate in - essentially building greater business resilience.
- You must comply with all applicable labour and tax laws and regulations in the countries and regions you intend to expand into. This can be complex and costly, especially if you fail to comply.
- The culture, languages, and politics of different countries can vary dramatically, and should be researched thoroughly prior to expansion otherwise your offering may be met with confusion, apathy, or hostility.
- Local competitors who are already long-established in your new target market may have an advantage over you, owing to their local, innate understanding of that market.
- Managing remote and international teams requires a reframing of your managerial practices and office culture to be best effective; for example, you must consider how you will work effectively across multiple different time zones.
- It can be prohibitively costly to expand overseas, depending on the global business expansion strategy you choose to develop, especially when expansion is conducted independently.
Challenges of global business expansion
Defining global business expansion.
Global business expansion looks different for each individual business. What it means and what it requires will change depending on the industry you’re in, the reasons for your expansion, and how you hope to enter the new market.
Having said that, we can generalise. Global business expansion – also known as international expansion, foreign expansion, or overseas expansion – is a business growth strategy used to enter new markets in other countries. It can include the movement of business operations, resources, workforces, products, and services.
Successful expansion requires the tailoring of a global business expansion strategy unique to the enterprise’s industry, offering, and goals.
How to know when your business is ready to expand overseas
Not every business needs to expand overseas, nor will every business naturally come to a definable point at which international expansion is the logical next step. Knowing when your business is ready to expand often depends on whether you have the time and resources to develop a watertight strategy.
If global expansion is something you want to see in your business’ future, then we’d suggest you begin planning today. The more prior preparation you can inject into a global business expansion strategy, the more evident it will be when the time comes for your enterprise to take that leap.
How small businesses can also expand internationally
Traditionally, international expansion has been the realm of large corporations with deeper pockets than most start-ups and SMEs can ever hope for. Thankfully, however, in our present era of expansive and accessible globalisation, the opportunities for smaller businesses to expand overseas do exist.
The key to global business expansion for small and smaller businesses is, of course, to minimise the costs involved . The most straightforward means of reducing expansion costs is to partner with a global business expansion solutions provider , whose expertise and existing international presence can reduce the risks you face and mitigate the need for costly foreign subsidiaries.
Developing your global expansion strategy
Every individual expansion requires its own tailor-made international business expansion strategy. Developing such a strategy should take time, care, and consideration. What follows is a broad overview of the 10 components we believe are key to an effective expansion strategy. For a more involved and detailed discussion of these 10 steps, read our post on how to avoid the pitfalls of global expansion .
10 key steps to a comprehensive international business expansion strategy
- Set your goals: It is crucial you know why you want to expand overseas. A clear set of goals will help you keep your strategy on track throughout the expansion process.
- Research: Acquire a firm understanding of the market you’re aiming to enter, including the competitors there, and the culture which frames it.
- Choose an expansion model: You can expand into new markets via a range of expansion models , including exportation, licensing, franchising, partnerships and joint ventures, mergers and acquisitions, and greenfield investments. Knowing which will work best for you is crucial.
- Consider building overseas infrastructure: International expansion is best supported by the establishment of local infrastructure on the ground. This infrastructure can comprise a foreign office or subsidiary, a remote workforce of employees and/or freelancers , or a network of third-party local partners.
- Reconsider branding in an international context: A different audience will likely respond quite differently to your branding, compared to the home audience it was developed for. Consider how best to rework your branding in an international context.
- Tailor your offering to the new market: Similarly to your branding, your offering – whether products or services, B2C or B2B – should be reevaluated with the target international demographic in mind.
- Equip your teams to work internationally: Working effectively across time, cultural, and linguistic barriers is not easy. Adapt your management style to consider the potential benefits of asynchronous work and strategic human resource management .
- Budget: Draft a budget which considers all the various costs of international expansion , and which can be consistently guided by KPIs established during your ‘goal-setting’ phase.
- Risk assessment: Understand the risks specific to your particular international expansion plans, and determine how best to mitigate these whilst ensuring 100% compliance with all relevant labour and tax laws.
- Partner with an expert in global business expansions: Refocus your own role in international expansion to those elements most important to you and your business, whilst reducing stress, costs, and ensuring compliance, by utilising the expertise of Mauve Group .
How to choose which international business expansion methods will suit your business best
The expansion model you choose – exportation, licensing, franchising, etc. – will very much depend on the goals you set for your expansion. Each model has a different set of requirements, challenges, and potential benefits.
For example, consider that fast-food chain McDonald’s’ success rests on the franchising model: approximately 93% of all McDonald’s restaurants worldwide are “owned and operated by independent local business owners.” For Netflix, on the other hand, partnership deals with local mobile operators and TV providers were key to its successful expansion into around 190 countries across the globe.
Seek the advice of professionals when determining which model might work best for you.
When to establish a foreign subsidiary
Establishing a foreign subsidiary is arguably one of the most involved international business expansion methods. A foreign subsidiary is a separate legal entity based on the ground in the overseas country, and majority owned or controlled by your company whilst remaining responsible for its own taxes and assets.
Establishing a foreign subsidiary gives you a stable and potentially impactful foothold in the target country, but equally carries with it high costs, a great number of compliance hoops to jump through, and many additional managerial considerations.
Oftentimes, establishing foreign subsidiaries may not be cost-effective nor practicable to the smaller enterprise seeking to expand overseas. In such instances, the business owner may wish instead to leverage the existing international presence of an Employer of Record .
Go global with Mauve
It is our hope that having read our complete guide to global business expansion strategy, you feel better equipped to begin your own journey toward international expansion.
Many of the risks and costs associated with business expansion can be mitigated with the help of a trusted partner like Mauve, whose extensive experience in overseas expansion can aid start-ups, SMEs, and larger enterprises with compliant international hiring of employees and contractors , visa and immigration support , global payroll , and expansion strategising .
Mauve Newsletter
No spam. Just the latest information on solutions and services, new countries and interesting articles directly to your inbox.
Read about our Privacy Policy .
More from Mauve Innovation Hub
Blog posts, news articles, videos, podcasts and more...
How to move to Dubai without a sponsor
Keen on living, working, or hiring staff in the UAE? Discover how it's possible without a sponsor.
Paying independent contractors: Mauve’s guide to compliancy and best practice
Engaging the expertise of freelancers can be greatly beneficial to your business, but paying independent contractors fairly, efficiently, and compliantly is tricky. Learn how to pay independent contractors with Mauve.
Creating A Business Expansion Plan Template
Schedule a Call
Get a personalized walkthrough of thrivenumber™ from a member of our team..
A fervent believer in the promise of human powered growth, Russ leads CMG in partnering with companies to help them become aligned, agile, customer-driven enterprises that unleash the potential of their organizations with sustainable improvements in focus, teams, culture, and process our clients.
Mark leads CMG in partnering with Telecom companies to help them increase customers and accelerate revenue. His 25+ years of experience in growth, strategy and execution includes B2C and B2B multi-channel acquisition programs, customer experiences that surprise and delight, pricing that optimizes customer value, and innovative product development.
Successful businesses need forward-thinking solutions to ensure measurable growth. A simple business expansion plan template can help any growing company move up and to the right.
Great templates outline realistic goals, identify leadership, and help to organize your company into teams that are efficient and motivated. Think of your plan as a roadmap for the next three to five years. As a marketing director or CMO, it’s crucial that you know exactly how your teams are communicating. Making sure everyone is on the same page is the best way to survive growing pains.
So your business has been successful and is looking to move forward and grow in the marketplace. What do you do? Outlining a business expansion plan with this free business plan template helps you clearly define your goals, organize teams and leadership, and develops a strategy for company efficiency and motivation moving forward.
This sample business plan outlines your strategies for innovation.
Growing businesses want to stay ahead of their competitors as they go forward. The strategies that lead to long-term success can be outlined in your company’s business expansion plan.
Listed below are examples of the key components you need to include in your growth plan template . Outline your path to success clearly with defined goals, organized leadership, and strategies for motivation and efficiency going forward.
Organizing your business expansion plan requires clear communication. There are many strategies to help you create a detailed outline for your company that stress the importance of clarity and consistency.
Key Themes in a Business Expansion Plan
Most expansion templates will feature these 10 key plan components:
1. Executive Summary
The executive summary is typically written last, but outlines your whole business plan from start to finish. Keep it simple.
2. Company Description
How does your company stand out from your competitors? Can you clearly communicate your offerings in a way that will resonate with potential consumers? Who are your target clients and industries? Here is where you outline how your expansion will put you at the forefront of the market.
3. Product and Service Description
Continuing from the company description, outline your products and services in detail. Describe how and why they are important and how they benefit your consumer base.
4. Marketing Analysis
Outline your market position and how or why companies in your field are growing. Include details such as facts about your industry, the size of your market, and technology associated with business expansion.
5. Marketing Strategy
What strategies will help you sprint to success? Detail advertising, technology, new product innovations, customer experience and touchpoint strategies, collaborations, and ideas for marketing success.
6. Organization and Management
Is your company structure performing to its potential? A well-organized workplace structure can boost morale, efficiency, and benefits for employees and management alike. What role do you play as a CMO or marketing director in your business plan? Can inter-departmental teams drive up productivity?
7. Daily Operations
Walk through your day-to-day operations. How have they worked? How can they improve as you expand?
8. Financial History
Identify the successful campaigns that have led you to the need for expansion. Detail how these campaigns have transformed your business, as well as how budget cuts or increases have affected your ROI.
9. Financial Plan and Projections
Get funded. Your financial plan should outline:
- 12-month profit and loss projection
- three-to-five year outline on how to retain productivity
- cash flow projection
- estimated balance sheet of expenditures
- cost analysis
10. Appendix
This optional section includes information that helps to build the case for your expansion, including:
- cited industry studies
- letters of support
Remember: A great plan should be detailed but not convoluted. You want your financiers, clients, and business partners to have a clear understanding of your vision as your business grows, as well as the best methods you will use to achieve your goals.
How CMG Can Make Your Plan Successful
Put your business expansion plan template to work by partnering with a marketing solutions firm that is driven and dedicated to getting you results. At CMG, our strategic marketing consultants work with you in the trenches to expand your business through branding strategies and our Agile for Marketing (A4M™) solutions. A4M™ is a mindset and methodology designed to help your business grow with customer-driven, iterative learning cycles to reach one goal: Potential Realized. Agile market solutions are three times more likely to expand company worth , according to Forbes.
At CMG, we work hard to define business plans that guarantee expansion and an increased ROI for leading Fortune 1000 companies across multiple industries. Contact us. Think. Do. Move. Market smart.
Continue Reading
In this webinar we discuss using agile practices to help your organization overcome barriers to change, change is the only constant in today's business world, and organizations must adapt rapidly to stay competitive., tips for a leading your team into a successful q4, ensure that your team enters q4 2023 strongly and finishes the business year with rigor using these tips, cable growth driver series: residential opportunities, unpacking residential growth opportunities including: home automation & security, prepaid internet, and streaming tv.
Copyright © 2023 CMG Partners, LLC
Business Expansion Plan Template
What is a Business Expansion Plan?
A business expansion plan is a strategy that organizations of all sizes and industries use to plan for their growth. This plan lays out goals and objectives, and outlines the steps to achieve them. It helps organizations understand what resources are needed, and how to allocate them to reach their expansion goals.
What's included in this Business Expansion Plan template?
- 3 focus areas
- 6 objectives
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Business Expansion Plan template for?
The Business Expansion Plan template is designed to help organizations of all sizes and industries plan for their growth and expansion into new regions and industry categories. It is ideal for businesses that are looking to increase their presence in new markets, gain market share, and build their customer base.
1. Define clear examples of your focus areas
A focus area is a broad area in which you want to achieve business goals. Examples of focus areas include expansion into new regions, new industries, and new products. For each focus area, you will need to set objectives, actionable projects, and measurable targets.
2. Think about the objectives that could fall under that focus area
Objectives are specific goals you want to achieve in each focus area. They should be measurable and achievable, and should also be linked to your company's overall strategic plan. Examples of objectives include increasing presence in new markets, increasing brand awareness, and increasing market share.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (Key Performance Indicators) are metrics that measure the performance of objectives and projects. Examples of KPIs include increase product penetration in new regions, increase brand recognition in new regions, and increase market share in new industries. Every KPI should have an initial value, target value, and a unit to measure it.
4. Implement related projects to achieve the KPIs
Projects are actionable steps that will help you achieve your objectives and KPIs. Examples of projects include launching new product lines in new regions, increasing marketing campaigns to new regions, and introducing new products to new industries. Every project should have a measurable outcome and timeline.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform helps organizations achieve their growth and expansion goals faster. It provides tools and resources to set objectives, set measurable targets, and track progress towards your goals.
The 6 Best Strategies For Business Expansion
- May 26, 2023
Share This Post
Table of contents.
All successful businesses or startups ultimately face the challenge of whether they should expand their business or not. Business expansion can bring many benefits to business owners. From increasing market share and customer base to decreasing costs and improving operations, the benefits of expansion are abundant.
However, it is also fraught with perils and, if not managed properly, business expansion can spell doom for a struggling business. It can be a scary process, especially when you are not equipped with the right tools to make your business goals a reality.
As such, it is important for a business owner to know what business expansion is and how they can go about it in order to maximize their chances of succeeding.
In this article, we discuss some of the best business growth strategies and explore how expansion can benefit your business.
What Is Business Expansion?
Business expansion typically occurs when a company has reached a point of growth and is actively seeking out additional opportunities to generate greater profits.
Business expansion takes on different forms. It includes purchasing new assets, opening new units, adding sales personnel, increasing advertising, adding franchises, entering new markets, providing new products or services, and more.
There are a number of reasons why small businesses face the problem of expanding their operations. One of the most common reasons cited by experts is the lack of resources. The presence of too few employees in a given company can be quite a deterrent to expansion efforts as they would have to spend a lot of time training new people who may not necessarily have the same skill set or expertise as those who’ve been working for the company for a while.
Another factor cited by business owners is the slowing down of sales due to economic factors.
Entrepreneurs need to be aware of business-related market trends. In fact, a large segment of new small businesses are started by entrepreneurs who do not have a clear idea of what is trending and what is not.
In order to expand their ventures, many of these entrepreneurs must conduct research on what is currently selling well in the market. This research is especially crucial if the business relies on traditional marketing like direct mail or television ads.
Before any entrepreneur can embark on an expansion program, they must first formulate a sound business expansion plan . Most entrepreneurs fail to expand their ventures owing to the absence of a sound business expansion plan. Without a well-defined business expansion plan, a business owner may end up doing more harm than good to their company.
The process of expanding a business involves careful planning, business analysis, and the use of financial resources. To expand a business, it would be best to first develop a well-defined vision, mission, and business plan. It is important for entrepreneurs to determine what type of expansion they want to carry out. Once these are determined, they can then proceed to develop a suitable business expansion plan.
After developing a business expansion plan, entrepreneurs must determine what steps they will take to implement their new business plans. For example, they may engage the services of experienced professionals such as financial experts and operations planners. These individuals can provide them with detailed business plans and financial forecasts. Alternatively, they can also contact business mentors for advice regarding issues related to business planning and operations planning.
How Can Small Companies Benefit From A Business Expansion?
As the previous paragraph explains, business expansion is that stage when companies seek out solutions to reach more customers, increase brand awareness, and increase profits.
There are many benefits associated with the expansion of business, and it is something that small and medium businesses should think about when deciding to expand their operations, especially in other countries.
But before taking a look at the benefits, it is important for every entrepreneur to analyze the market conditions. The entrepreneur has to identify which markets are likely to show growth.
If the market conditions suggest that market competition will be on the rise, it is important to expand your business before others can grab the opportunity to take advantage of your expanding market.
Below you can see the main benefits associated with a business expansion:
1) Concentrate On New Product Development
One important reason why business expansion is positive for small businesses is that it allows them to concentrate on new product development . This is crucial for maintaining a competitive edge over competitors in the market. By expanding globally, small businesses can tap into new markets and offer new products to existing customers, while also reaching new customers.
In addition, expanding your business globally helps ensure that new products are accessible to as many consumers as possible. If done correctly, this can result in increased sales and profits for your company. Small businesses can begin developing new products at any time and introduce them to the public as soon as they are ready. This flexibility allows businesses to stay ahead of the curve and meet changing consumer demands.
Furthermore, expanding your range of products and services globally can enable you to maximize your profits. By diversifying your product offerings, you can tap into new revenue streams and mitigate risks associated with relying on a single product or market. This can help to strengthen your business and make it more resilient over the long term.
2) Increase Brand Awareness Internationally
Expanding abroad is an important step for many small businesses, as this can lead to increased and diversified brand awareness.
Expanding your business internationally allows you to tap into previously untouched consumer demographics — and you can use this to your advantage. By attracting consumers from other countries, you can use their markets to promote your products and services.
Furthermore, having a diversified brand awareness can prove to be a crucial strategy for small businesses, which often suffer from limited resources, less access to capital, and low profit margins. International business expansion, on the other hand, allows you to diversify markets in ways that may lead to increased profits.
Increased brand awareness is not only positive in terms of increased consumers, however. By taking your brand awareness to the next level, you may also gain new opportunities to partner up and cooperate with other businesses. Or, even better, you may gain new investors, helping you market your products or services in other countries.
3) Increased Economies of Scales
Economies of scale refer to the cost advantages that a business can gain as it increases its level of production or output. These advantages can come from a variety of sources, such as purchasing raw materials in bulk, spreading fixed costs over a larger volume of output, and taking advantage of specialization and division of labor.
For small businesses, expanding their operations can provide them with the opportunity to benefit from economies of scale. For example, as a small business grows, it may be able to negotiate better deals with suppliers because it is buying larger quantities of goods or services. Additionally, it may be able to reduce its per-unit production costs by investing in more efficient machinery or processes, or by spreading fixed costs (such as rent and salaries) over a larger volume of output.
By taking advantage of these cost savings, small businesses can improve their profit margins and become more competitive in their markets. They may be able to offer lower prices to customers or invest in marketing and advertising to grow their customer base. Ultimately, expanding their operations can be a positive step for small businesses that want to grow and succeed in the long term.
What Are The 6 Best Strategies For Business Expansion?
Below, we introduce the 6 best strategies that can help your business expand into the international market. Before jumping in, however, a word of advice.
It is important to acknowledge that business expansion strategies are not a one-size-fits-all kind of deal. They can change and develop along with your own company’s goals, objectives, and specific circumstances. These strategies can also vary depending on the type of expansion you are contemplating. If you are expanding into a new market, for example, the strategy you will employ will be different than if you were to simply expand your company’s presence to a new location. Ultimately, it is up to you to figure out which business expansion strategy will best meet your company’s needs.
With that in mind, here are the 6 best strategies we have identified for business expansion:
1) Market Penetration Strategy
Market penetration is a business strategy aimed at increasing the market share of a company’s products or services in a particular market. The objective is to increase the number of customers who use the company’s products or services, thereby increasing the overall revenue and profitability of the business. This strategy typically involves targeting a specific market segment and increasing the intensity of marketing efforts to reach potential customers who have not yet used the company’s products or services.
Examples of market penetration strategies include offering promotional discounts, increasing advertising spend, expanding distribution channels, improving product quality, or offering additional services to existing customers. By employing these strategies, businesses can effectively increase their visibility and appeal to potential customers, resulting in increased market share and revenue.
One of the main benefits of this approach is that it allows companies to leverage their preexisting products/services to increase sales instead of investing in product development. Furthermore, market penetration can also lead to increased market shares while reducing your competitors’ share.
This type of expansion is well suited for small businesses looking to establish themselves in a competitive market and companies with an already strong consumer base, as they offer a cost-effective way to expand their customer base and drive sales growth.
2) Marketing And Promotion
Another strategy to expand your business is to have a solid marketing and promotional strategy in place in order to maximize your market share. There is no one single formula for achieving success when it comes to marketing, and what works for one brand may not work the next. One strategy, however, is to empower your business through marketing and promotional strategies that create strong customer loyalty to your business.
Customer loyalty may be achieved through a variety of means. Running deals and promotions, having a rewards system, or fostering a strong social media presence are just a few ways you can capture customer loyalty.
By increasing your marketing and promotional efforts, you will create a strong brand image that allows you to establish yourself in your industry as a dominant force and become instantly recognizable to consumers.
3) Expansion Into A New Market
When a market becomes saturated with one type of product or service, that market may begin to dry up. You may have noticed the traditional business trend where businesses have expanded into areas where they were previously unable to do business as a result of market saturation. This is what we refer to as market expansion . Market expansion refers to the process of a business entering new markets or expanding its reach in existing markets. It typically involves expanding a business’ product or service offering as a means to promote growth.
Market expansion is typically ideal for those that have reached a plateau in their existing markets and are looking for new opportunities for growth. It is for those businesses that have successfully penetrated their existing markets and have a strong customer base and brand identity are often in a good position to explore new markets.
4) Expand Your Business Abroad with EOR solutions
At some point, for businesses, the local market becomes saturated, and the only way to expand is to go abroad. This is a step that many companies are afraid of because it comes with challenges, but also many opportunities because you are able to sell your products or services to more users.
Expanding abroad may mean mixing up your business strategy or learning new things. For example, international business expansion may require you to think about hiring a remote workforce and the benefits of having one , and you may have to learn how to effectively manage a remote team .
In addition to this, international expansion means that you must now deal with HR and payroll in new countries, understand their labor regulations, and understand how to stay compliant. In this situation, a EOR, short for Employer of Record , may be the best solution for your business, as it allows you to outsource HR and payroll abroad without the risk of breaking local laws and regulations when hiring and managing employees abroad. Using an EOR provider, such as NNRoad , provides an efficient and no-risk solution to hiring employees and teams overseas to bolster overseas expansion efforts.
How to hire remote employees overseas?
Hiring overseas remote employees can be approached in three main ways:
Hire through your own company in the country: This involves establishing a legal entity or subsidiary in the target country to directly employ remote workers. Pros include greater control and alignment with company culture. However, it can be expensive and time-consuming due to legal and administrative complexities.
Hire through an employer of record (EOR): EOR services are third-party organizations that handle employment and payroll on your behalf in the foreign country. This method offers flexibility and compliance, but it comes with a pay as you go service cost, although it is more economically and time efficient than establishing a company overseas.
Hire an independent contractor: Contracting remote workers as freelancers or independent contractors can be cost-effective and simple, but it may lead to less loyalty and control over the work process, potentially risking compliance issues in some cases. misclassifying employees as contractors is subject to harsh penalties in many countries around the world as it undermines countries’ labor laws and social security schemes.
Each approach has its advantages and drawbacks, so it’s crucial to weigh these factors based on your specific business needs and priorities when hiring overseas remote employees.
5) Start A Franchise
Expanding a business through franchising can be an effective way to grow and increase revenue. When a business decides to franchise, it allows others to open and operate their own location of the business under the same brand name, operating system, and guidelines as the original business.
Starting a franchise offers several benefits to businesses. Firstly, it allows for rapid expansion into new markets with lower financial risk for the franchisor. The franchisee is responsible for financing the opening of the new location, which can reduce the burden on the franchisor’s financial resources. Secondly, it can increase brand awareness and recognition as the franchisee invests in marketing and promoting the business in their local market. This can ultimately drive more customers to the original business and the other franchise locations.
Additionally, franchising provides a controlled environment in which the franchisor can maintain consistent branding and operational standards across all locations. This helps to ensure a positive customer experience and build customer loyalty. Franchisees are also given training and support from the franchisor, which can increase the likelihood of their success and ultimately contribute to the success of the entire franchise system.
6) Enter A Joint Venture Or Acquisition Agreement
Entering into a joint venture or acquisition agreement with another business can be a powerful strategy for business expansion. A joint venture involves two or more businesses coming together to collaborate on a specific project or business venture, while an acquisition involves one business acquiring another business.
By entering into a joint venture or acquisition agreement with a larger, more established business, you can gain access to their resources, including technology, expertise, and customer base. This can help to reduce the time and cost required to expand your business into new markets or to develop new products or services.
In a joint venture, both businesses bring their unique strengths to the partnership, which can create a synergy that benefits both parties. For example, a small tech startup might partner with a larger corporation to develop a new software product, combining the startup’s technical expertise with the corporation’s resources and market reach.
In an acquisition, the acquiring business gains ownership of the acquired business and its assets. This can be a more straightforward way to expand into new markets or industries quickly, by leveraging the acquired business’s existing customer base, brand reputation, and expertise.
What’s Next?
Your business’s success depends on understanding and leveraging the best strategies for business expansion. Regardless of the business expansion strategy you choose, remember that it is important to remain competitive.
By investing in new technology, processing data more efficiently, and using other tools such as social media, your company will remain at the forefront of its industry.
If you stick to a proven business expansion strategy, such as those outlined above, your company can continue to grow and prosper for years to come.If you need help to hire employees abroad or manage payroll, contact us and we will be happy to help!
Talk to our experts & get a free quote!
[email protected]
China: +86 215 211 0025, 75 e. santa clara st. floor 9, san jose, ca 95113, usa.
Please leave this field empty.
Select Service Employer of Record Payroll & Benefits
Select Location United States China Mexico United Kingdom ----- Argentina Australia Bangladesh Bulgaria Cambodia Canada Croatia Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Israel Italy Japan Luxembourg Malaysia Myanmar Netherlands Nigeria Norway Pakistan Panama Philippines Poland Romania Serbia Singapore South Africa South Korea Sri Lanka Sweden Switzerland Taiwan Thailand Tunisia Turkey United Arab Emirates Vietnam
By sending your inquiry, you consent to receiving marketing information from NNRoad, in accordance with the Privacy Policy .
We use essential cookies to make Venngage work. By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Manage Cookies
Cookies and similar technologies collect certain information about how you’re using our website. Some of them are essential, and without them you wouldn’t be able to use Venngage. But others are optional, and you get to choose whether we use them or not.
Strictly Necessary Cookies
These cookies are always on, as they’re essential for making Venngage work, and making it safe. Without these cookies, services you’ve asked for can’t be provided.
Show cookie providers
- Google Login
Functionality Cookies
These cookies help us provide enhanced functionality and personalisation, and remember your settings. They may be set by us or by third party providers.
Performance Cookies
These cookies help us analyze how many people are using Venngage, where they come from and how they're using it. If you opt out of these cookies, we can’t get feedback to make Venngage better for you and all our users.
- Google Analytics
Targeting Cookies
These cookies are set by our advertising partners to track your activity and show you relevant Venngage ads on other sites as you browse the internet.
- Google Tag Manager
- Infographics
- Daily Infographics
- Graphic Design
- Graphs and Charts
- Data Visualization
- Human Resources
- Training and Development
- Beginner Guides
Blog Training and Development
What is an Action Plan & How to Write One [With Examples]
By Danesh Ramuthi , Oct 26, 2023
An action plan is a meticulously structured strategy that pinpoints specific steps, tasks and resources vital to turning a goal into reality. It is extremely useful in any project management.
Crafting an action plan is like plotting a route for a cross-country journey. It’s the strategic map that outlines every step, decision and pitstop needed to reach your ultimate destination.
With a well-thought-out action plan, you’re not just shooting in the dark; you’re making informed, purposeful strides towards your goals. Dive deep with our guide and witness real-world examples that will inspire and guide you.
Need a tool to kickstart your planning? Try out the Venngage business plan maker and explore their extensive collection of action plan templates .
Click to jump ahead:
What is the purpose of an action plan?
When to develop an action plan, 7 components of a actions plan, 15 action plan examples.
- How to Write an action plan?
Final thoughts
An action plan serves as a strategic tool designed to outline specific steps, tasks and goals necessary to achieve a particular objective.
Its primary purpose is to provide a clear roadmap and direction for individuals, teams or organizations to follow in order to efficiently and effectively accomplish their goals.
Action plans break down complex projects into manageable, actionable components, making it easier to track progress and stay on course.
Moreover, action plans play a crucial role in fostering accountability and coordination among team members. By assigning responsibilities and deadlines for each task or milestone, they ensure that everyone involved is aware of their roles and the overall timeline, reducing confusion and enhancing teamwork.
Additionally, action plans help in resource allocation, budgeting and risk management by enabling stakeholders to identify potential challenges and plan for contingencies.
Overall, the purpose of an action plan is to transform abstract goals into concrete actions, making them more achievable and measurable while ensuring that the resources and efforts are aligned with the desired outcomes.
Developing an action plan is crucial when you’re looking to achieve a specific goal or outcome. Here are instances when you should consider developing an action plan:
- Start of an organization : Ideally, an action plan should be developed within the first six months to one year of the start of an organization. This initial plan lays the groundwork for the future direction and growth of the entity.
- Project initiation : At the start of any project, an action plan helps to clearly define the tasks, responsibilities, and timelines.
- Goal setting : Whenever you or your organization sets a new goal. Action plans transform these goals from abstract ideas into concrete steps.
- Strategic planning : For long-term visions and missions, action plans break down the journey into manageable pieces, each with its timeline and responsible parties.
- Performance improvement : If there are areas where performance is lacking, whether it’s personal or organizational, an action plan can outline the steps needed to elevate performance.
An action plan is a detailed outline that breaks down the steps necessary to achieve a specific goal. Here are the typical components of an action plan.
1. Objective or Goal
The cornerstone of your action plan is the objective or goal. This should be a clear and concise statement outlining the desired outcome or result. Having a well-defined objective provides a direction and purpose to the entire plan, ensuring all tasks and actions are aligned towards achieving this singular aim.
2. Tasks or Actions
Once the objective is set, the next step is to list down the specific tasks or actions required to achieve this goal. These tasks should be broken down into detailed steps, ensuring no essential activity is overlooked. The granularity of these tasks can vary based on the complexity of the goal.
3. Set deadline
For each task or action, set a realistic and achievable deadline. This timeline ensures that the plan stays on track and that momentum is maintained throughout the execution. It also allows for monitoring progress and identifying potential delays early.
4. Resources needed to complete the project
It’s crucial to recognize and list the resources you’ll need to complete the tasks. This can encompass financial resources, human resources, equipment, technological tools or any other assets. Identifying these early ensures that there are no bottlenecks during execution due to a lack of necessary resources.
5. Person responsible
Assign a person or a team for each task. This designation ensures accountability and clarity. When individuals are aware of their responsibilities, it reduces overlap, confusion and ensures that every task has someone overseeing its completion.
6. Potential barriers or challenges
Every plan will face challenges. By anticipating potential barriers or obstacles, you can be better prepared to address them. This proactive approach ensures smoother execution and less reactionary problem-solving.
7. Measurement of key performance indicators (KPIs)
Determine how you’ll measure the success of each task or the plan overall. KPIs are tangible metrics that allow you to gauge progress and determine whether you’re moving closer to your goals and objectives. They offer a quantifiable means to evaluate success.
Action plans serve as blueprints, guiding the steps and resources needed to achieve a specific goal.
They come in various formats, tailored to different scenarios and objectives. Here, we present a range of action plan examples that cater to diverse purposes and situations.
From business strategies to simple task lists, these examples illustrate the versatility and importance of well-structured planning.
Business action plan example
A business action plan is essentially a strategy roadmap, meticulously tailored for realizing broader business objectives. By crafting a solid action plan, businesses can channel their resources, manpower and strategies in a direction that harmonizes with their larger vision.
Key to this plan is the identification and alignment of steps that resonate with the company’s comprehensive strategy, ambitions of growth and aspirations for operational enhancements.
While this might entail a myriad of specific steps based on unique business goals, some common elements include setting clear key performance indicators (KPIs), undertaking a thorough SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to grasp the current business landscape and establishing a timeline to keep track of progress.
Furthermore, allocating responsibilities to team members or individuals ensures that every aspect of the strategy has a dedicated focus. Budgeting, essential to the success of the action plan, ensures that every initiative is financially viable and sustainable.
Regular reviews and iterations based on feedback and changing market dynamics keep the action plan agile and relevant.
Related: 5 Steps to Create an Actionable Employee Development Plan [with Templates & Examples]
Company action plan example
A comprehensive company action plan serves as the strategic linchpin, ensuring a coherent and coordinated approach to realizing organizational goals. Central to this plan is the incorporation of rigorous market research and analysis, which provides insights into consumer behaviors, market trends and potential opportunities.
Equally vital is the focus on product development and procurement, ensuring that the offerings align with market demands and stand out in terms of quality and relevance.
Alongside, adept legal and financial management safeguards the company’s interests, ensuring compliance with regulations and prudent fiscal oversight.
Moreover, the essence of any successful company action plan lies in its sales and marketing strategies. These define how the products or services are positioned and promoted in the market, ensuring visibility and engagement with the target audience.
However, while acquisition is crucial, retention plays an equally significant role. Hence, impeccable customer service and nurturing relationships become indispensable components, fostering loyalty and ensuring that clients remain ambassadors for the brand long after the initial transaction.
Related: 30+ Project Plan Examples to Visualize Your Strategy (2023)
Sales action plan example
A well-structured sales action plan serves as the backbone for systematic and efficient progress. Central to this plan is the identification and utilization of the most effective sales channels, whether they are direct, online or through third-party avenues.
Clarity on the products and services on offer, combined with their unique selling propositions, facilitates tailored and resonant sales pitches.
Budget considerations ensure that resources are judiciously allocated, balancing the act between expenditures and potential returns. This financial prudence is complemented by setting realistic sales projections, which act as both a motivational target and a yardstick for success.
Timelines, or proposed deadlines, infuse the process with a sense of urgency, ensuring that the momentum of the sales drive is maintained.
However, the true measure of the action plan’s efficacy lies in its key performance indicators (KPIs). These metrics, be it lead conversion rates or customer retention figures, serve as tangible markers, highlighting the plan’s strengths and signaling areas that might require recalibration to increase sales.
Corrective action plan example
The essence of a corrective action plan lies in its meticulous structure, tailored to address and rectify deviations or inefficiencies identified within an organization. At its core, each action item serves as a focal point, detailing specific areas or processes that require intervention.
Accompanying each action item is a clear description that provides a comprehensive understanding of the issue at hand.
However, merely identifying a problem isn’t enough; delving deep into its origins through root cause analysis ensures that solutions target the fundamental issues, rather than just addressing superficial symptoms.
This analysis then paves the way for defining the corrective action, a tangible step or series of steps designed to mitigate the identified problem and prevent its recurrence.
Besides, to ensure the plan’s effectiveness, assigning a responsible person to each action item is paramount. This individual or team is entrusted with the task’s execution, ensuring accountability and focus.
The status of each action keeps stakeholders informed about the progress, be it in the planning phase, ongoing, or completed.
Lastly, setting a due date for each corrective action introduces a sense of urgency and purpose, ensuring that issues are addressed in a timely manner, minimizing disruptions and maximizing operational efficiency.
Simple action plan example
A simple action plan strips away the layers of complexity, offering a concise and direct approach to achieving a goal or addressing an issue. This type of plan is characterized by its straightforward structure, devoid of extraneous details, yet powerfully effective in its clarity.
It is specifically designed for tasks or objectives that don’t necessitate elaborate strategies or multi-layered approaches.
The core components of a simple action plan usually include a clear statement of the task or objective at hand, followed by a sequence of actions or steps to be taken.
Each step is described succinctly, ensuring that anyone involved has a clear understanding of what is expected. Responsibilities are defined clearly, with each task allocated to an individual or a team, ensuring accountability. Timelines might be integrated, providing a clear framework for completion, even if they’re just broad milestones.
Regular check-ins or assessments, although minimal, might be incorporated to monitor progress.
The beauty of a simple action plan lies in its agility and adaptability, making it particularly suited for individual projects, short-term tasks or situations where a rapid response is required.
How to write an action plan?
Creating an effective action plan is a foundational step towards turning aspirations into tangible results. It provides a clear roadmap, ensuring that each step taken aligns with the overall objective.
Whether you’re aiming to enhance a business process or achieve a personal goal, a well-drafted action plan can be your guiding light. Here’s key steps on how you can craft one:
- Step 1: Establish SMART goals: Initiating with a goal that is specific, measurable, achievable, relevant and time-bound ensures you have a clear and focused endpoint in sight. Smart goals serves as the cornerstone for your entire strategic blueprint.
- Step 2: Determine necessary tasks: Decompose your overarching objective into smaller, actionable tasks. This modular approach not only makes the mission less daunting but also provides a sequential pathway to goal attainment.
- Step 3: Assign essential resources: Depending on the tasks at hand, designate necessary resources, be they human, financial or technological. This ensures that every activity has the backing it needs for successful execution.
- Step 4: Prioritize tasks by importance: Not all tasks hold equal weight. Determine the hierarchy of tasks based on their impact on the goal and their time sensitivity. This allows for a systematic progression.
- Step 5: Outline timelines and key markers: With tasks in hand, set clear deadlines for each. Introduce milestones, which act as periodic check-ins, ensuring you’re on track and allowing for celebrations of smaller victories.
- Step 6: Oversee and modify your strategy blueprint: As you progress, there will invariably be learnings and challenges. Regularly review your plan to make necessary adjustments, ensuring its relevance and effectiveness.
- Step 7: Consider ready-to-use templates: If starting from scratch feels overwhelming, lean on structured templates to guide your planning. There’s plenty of business plan softwares and platforms such as Venngage that offer a plethora of action plan templates , tailored to various needs, which can significantly streamline the process.
An action plan is more than just an action steps, it’s a strategic blueprint that bridges the gap between aspirations and realizations.
Through this comprehensive guide, I’ve walked you through the purpose, ideal timings, core components, and practical examples of action plans across various domains.
Leveraging tools of project management , you can track progress, assign tasks and ensure every team member stays on the same page.
It’s not just about setting goals, but about strategically planning every step, ensuring tasks completed align with the larger project goals.
Remember, success isn’t just about having goals but about charting the right course to achieve them
And if you’re looking to supercharge your planning efforts, don’t miss out on the Venngage business plan maker.
Dive into their extensive collection of action plan templates and make your strategic planning both efficient and effective.
Growth Tactics
Creating an Effective Business Growth Plan
Last Updated on November 23, 2023 by Milton Campbell
As a business leader, you understand the importance of continually striving for growth and development in your enterprise. A carefully crafted growth plan can help you achieve your goals by outlining specific strategies and action plans to ensure that your company continues to thrive. In this article, we’ll explore the key components of an effective growth plan for your business and offer practical advice to help you create a roadmap to success.
What is a Growth Plan and Why Do You Need One?
A growth plan is a document that outlines the strategies and tactics that a business will use to achieve and sustain growth over a specified period. This plan should include a clear vision statement, measurable goals , and a detailed description of the strategies, action plans, and key performance indicators (KPIs) that will drive business growth. A growth plan can help you set goals and targets, identify potential challenges and opportunities, and ensure that all stakeholders are aligned with your vision. Furthermore, having a growth plan can help ensure the longevity of your business by providing a roadmap for success.
Factors Impacting Business Growth
Several factors can have a significant impact on the growth of a business. It is essential for business leaders and managers to identify and understand these factors in order to navigate the path to success. Let’s explore some key factors that influence business growth:
1. Economic Conditions
The overall health of the economy can greatly affect business growth. During periods of economic prosperity, with increased consumer spending and confidence, businesses tend to experience growth opportunities. Conversely, during economic downturns or recessions , consumer spending may decline, leading to challenges for businesses.
2. Market Demand and Competitiveness
The demand for a product or service has a direct impact on business growth. Assessing the market demand for your offerings, understanding consumer preferences, and identifying any gaps that your business can fill are crucial steps. Additionally, businesses need to evaluate the competitive landscape, including the presence of established competitors, barriers to entry, and emerging trends, in order to position themselves for growth.
3. Innovation and Technology
Keeping up with technological advancements and embracing innovation is essential for sustaining growth. Businesses that invest in research and development, adopt new technologies, and stay ahead of industry trends are often better positioned for growth. Innovation can lead to improved efficiency, enhanced product offerings, and increased customer satisfaction, all of which can drive business growth.
4. Financial Resources
Access to financial resources, such as capital for investment and working capital, is vital for business growth. Adequate funding allows businesses to expand operations, invest in marketing and advertising, develop new products or services, and hire additional staff. Businesses need to assess their financial capabilities and explore funding options to support their growth strategies.
5. Human Capital
The skills, knowledge, and expertise of the workforce are critical for driving business growth. Hiring and retaining talented employees who are aligned with the organization’s goals and values is essential. Businesses that invest in training and development programs, foster a positive work culture , and empower their employees are more likely to experience sustainable growth.
6. Regulatory Environment
The regulatory environment in which a business operates can impact growth opportunities. Compliance with industry-specific regulations, government policies, and legal requirements is crucial to avoid penalties and maintain credibility. Understanding and navigating the regulatory landscape allows businesses to identify potential obstacles and take necessary measures for growth.
7. Customer Satisfaction and Retention
Customer satisfaction and retention play a significant role in business growth. Satisfied customers are more likely to become repeat customers, refer others to the business, and contribute to its growth. Businesses need to focus on providing exceptional customer experiences, delivering quality products or services, and maintaining strong customer relationships to foster loyalty and drive growth.
These factors are just some of the many elements that influence business growth. By actively assessing and addressing these factors, businesses can create strategies and make informed decisions that contribute to their long-term success and expansion.
How to Develop a Growth Plan for Your Business
Developing a growth plan for your business is a crucial aspect of achieving long-term success. To create an effective growth plan, follow these steps:
Step 1: Define Your Growth Goals and Objectives
The first step in creating an effective growth plan is to define your goals and objectives. Think about where you want your business to be in three, five, or ten years and develop specific and measurable goals that will help you achieve your vision.
Step 2: Understand Your Business Needs
In order to create a growth plan that works for your business, you need to understand its needs. Consider the following questions:
- What are your business goals?
- Who is your target market?
- What products or services do you offer?
- What are your current strengths and weaknesses?
- What are the potential growth opportunities for your business?
Answering these questions will help you identify specific areas of your business that require additional attention and focus, and help you create a growth plan that addresses them.
Step 3: Develop a Strategy for Growth
Once you have defined your goals and identified the needs of your business, the next step is to develop a strategy for growth. Consider the following:
- What strategies and tactics will best help you achieve your growth goals?
- What internal resources or external partnerships will you need to execute your plan?
- What role will new products or services play in your growth strategy?
- Are there any particular areas of your business that you want to focus on developing?
- How will you measure success and ensure that your strategy is working?
Developing an effective growth strategy requires careful planning and consideration of various factors that can impact your business.
Step 4: Establish an Action Plan
With your growth goals defined, business needs understood, and a strategy created, the next step is to establish an action plan. This plan should outline specific initiatives that will help you achieve your growth targets, including timelines, milestones, resource commitments, and key performance indicators.
Step 5: Monitor and Adjust Your Plan
Developing a successful growth plan requires ongoing monitoring and adjustment to ensure that you remain on track and continue to grow. Regularly review your progress against your KPIs and take corrective action as needed to keep your business moving forward.
Tips for Creating an Effective Growth Plan
When it comes to business growth, creating an effective plan is crucial to achieving your goals and moving your organization forward. Here are some tips to help you create a growth plan that will work for your company:
Set Realistic Goals
It’s important to set goals that are achievable but also challenging. Make sure you consider your current business situation and resources, as well as your desired outcomes when setting your targets.
Understand Your Market
Your target market plays an essential role in your business growth. Ensure you have a deep understanding of your customer’s needs, their pain points, and the challenges they are facing.
Consider All Growth Strategies
Exploring diverse growth strategies can help you expand your business, reach new customers, and diversify your offerings. This could include everything from developing new products and services, expanding into new markets, or improving your operations and processes .
Focus on the Long-term
While short-term objectives are vital for any business, it’s equally critical to have long-term goals in mind. This ensures that you develop a roadmap to move toward your vision and don’t get sidetracked by short-term wins.
Foster an Organizational Culture of Growth
Building this culture starts from the top and should be reflected throughout your organization. Encourage staff to be innovative , take calculated risks, and capitalize on new opportunities and ideas to drive growth forward.
Identify Key Performance Indicators (KPIs)
To effectively measure your progress toward your growth goals, it is important to identify and track Key Performance Indicators (KPIs). These indicators can include metrics such as revenue growth, customer acquisition rate, customer satisfaction, market share, or any other relevant metrics specific to your business. Regularly monitoring these KPIs will help you assess if your growth plan is on track and enable you to make informed decisions and adjustments as needed.
Develop a Marketing and Sales Strategy
A strong marketing and sales strategy is crucial to drive business growth. Clearly define your target audience, develop compelling messaging, and identify the most effective channels to reach and engage your potential customers. Leverage digital marketing techniques, social media platforms, content marketing, SEO, and other tactics relevant to your industry to maximize your reach and generate quality leads. Align your marketing and sales efforts to ensure a seamless customer journey that leads to conversions.
Invest in Employee Development
Your employees play a significant role in driving business growth. Invest in their professional development and provide training opportunities to enhance their skill sets. Empower them to take ownership of their responsibilities and encourage a culture of continuous learning and improvement. By fostering a motivated and skilled workforce, you can boost productivity , innovation, and overall business performance.
Foster Strategic Partnerships
Strategic partnerships can be a valuable growth strategy for businesses. Look for complementary organizations or businesses with shared target audiences and explore opportunities for collaboration. By partnering with other businesses, you can tap into new markets, leverage each other’s strengths, share resources, and mutually benefit from the synergies created.
Continuously Monitor and Evaluate Your Plan
Creating a growth plan is not a one-time task; it requires ongoing monitoring and evaluation. Regularly review your progress, reassess your goals, and adjust your strategies as needed. Stay updated on market trends, customer preferences, and industry developments to ensure your growth plan remains relevant and effective. Be agile and adaptable in responding to changes and seeking new opportunities for growth.
Business Plan vs Growth Plan
Business plans and growth plans are essential tools for businesses, but they serve different purposes. While a business plan outlines the basics of a company, including its mission, product offerings, and financial projections, a growth plan focuses specifically on strategies to drive business growth. Let’s explore the differences between the two:
Business Plan
A business plan is a detailed blueprint of a company’s goals and objectives, outlining how it intends to achieve them. It typically includes the following components:
- Executive summary: A brief overview of the company’s mission, goals, and financial projections.
- Company description: A detailed description of the company’s mission, historical background, products or services offered, and target market.
- Market analysis: An overview of the industry, including trends, competition, and target audience.
- Organization and management: An overview of the company’s organizational structure , leadership team, and management style.
- Products and services: A detailed description of the company’s products or services, including pricing, distribution, and marketing strategies.
- Financial projections: Forecasted financial statements, including income statements, balance sheets, and cash flow statements.
A business plan serves as a roadmap for a company’s future, laying out how it plans to operate, grow and succeed.
Growth Plan
A growth plan is a strategic document designed to identify and prioritize strategies to drive business growth. Instead of focusing on the basics of the company like a business plan, a growth plan zooms into the company’s growth opportunities. It typically includes the following components:
- Review of business environment: An overview of the current business conditions and the challenges and opportunities that exist in the market.
- Mission and vision statement: A reaffirmation of the company’s goals and aspirations, and how these will translate into growth strategies.
- Goals and objectives: Specific, measurable objectives that align with the company’s mission and growth aspirations.
- SWOT analysis: An assessment of the company’s strengths, weaknesses, opportunities, and threats.
- Strategies and tactics: A detailed outline of the strategies and tactics that will be used to achieve the company’s goals and objectives.
- Performance metrics: Objective measures that will be used to track and evaluate the success of the growth plan.
A growth plan offers a framework for businesses to identify and prioritize growth opportunities, set realistic growth targets, and develop actionable strategies to achieve those targets.
In summary, while a business plan outlines the basics of a company, including its mission, goals, and financial projections, a growth plan focuses on strategies to drive growth. While both plans are essential for the success of a business, they play different roles in the development and execution of a company’s strategy.
Key Takeaways
Creating an effective growth plan for your business involves identifying your goals and objectives, assessing your business needs, developing a strategy, establishing an action plan, and monitoring and adjusting your plan as needed.
By following these steps and adopting a growth mindset, you can successfully achieve your business goals, help your organization thrive, and continue to grow for years to come. Remember to set realistic, measurable targets, focus on your customers’ needs, and stay open to new opportunities. With a well-constructed growth plan, you can continue to make your business successful and continue to grow.
Related posts:
Do You Know How to Plan a Business Expansion?
Neda Ali (Editor)
Business: Growth and Expansion
Growth and expansion are often good for business. An expanding company will usually be increasing sales and strengthening its position within the market. However, growth isn’t a strictly defined concept. There is no apt definition of growth and expansion. In the business world, each small move is taken into account as a small step towards growth and expansion.
Business Expansion
All good entrepreneurs aspire to expand their businesses, and early success often fuels dreams of growth. But the expansion of business isn’t something to take on without a careful understanding of the pitfalls of growing too fast.
When a company's leader attains a certain level of success, that’s the time they will start brooding about the advantages of expanding into a new market.
To understand more about business expansion, read the link below:
Business expansion is a stage of a company's life that is fraught with both opportunities and perils. To know more, click here:
What is business expansion
To know what is business expansion and what are the two aspects of business expansion, click here:
Business Expansion Strategy
Growth and expansion are the key goals for each entrepreneur. They plan out different strategies to grow business and reach a bigger population. Business strategy is planned according to the potential customers to interact more and more customers and may provide benefit in the long run.
Click on the links to read more about business expansion strategy:
Growth Strategies Used By The Most Successful Companies
Growth is fundamental to a business' survival. To know 7 growth strategies used by the most successful companies, click here:
5 Business Expansion Strategies
When you diversify, it’s not only growing your business, it’s taking out an insurance policy that protects you for when business slows. To know 5 business expansion strategies, read the article:
Ways to Grow Your Business Fast
Scaling your business is hard. It takes considerable effort. To know 15 ways to grow your small business, click here:
Growth Strategies in Business
Some common growth strategies in business include market penetration, market expansion, product expansion, diversification and acquisition. To know more, read here:
Read the links to know about successful international business expansion:
Considerations for Global Expansion
Global expansion can be quite profitable for your growing business. To kniw the considerations for global expansion, read the article:
The complete guide to business expansion
It can be hard to successfully expand your business to another country. To know the step-by-step process to successfully take your business to the international level, read the article:
How to Expand Your Business Internationally
Taking your brand overseas can be appealing, and many entrepreneurs would jump at the chance. However, the international expansion journey can be treacherous. To know how to expand your business internationally, click here:
Business Plan for Growth
To grow any business, a complete framework for business expansion is a must. Every business owner needs an idea. A well-drafted growth and expansion plan helps to spot potential growth opportunities and the amount of money needed to fund the expansion. The business plan should have multiple parts, including a marketing strategy and various financial documents.
To sketch your business plan for growth and expansion check the links below:
Writing a Business Growth Plan
Business growth plans are short-term outlines for where a company sees itself in the next one to two years. Writing a growth plan is very similar to writing a business plan. To know more, read here:
Prepare a business plan for growth
Your business plan should include a summary of what your business does, how it has developed and where you want it to go. To know how to prepare a business plan for growth, read the article:
How to Write a Business Plan
Whether you’re building a business plan to raise money and grow your business or just need to figure out if your idea will work, every business plan needs to cover 6 essential topics. To know what are they, click here:
Key Steps to a Growth Strategy That Works Immediately
The key with any growth strategy is to be deliberate. To know about 7 key steps to a growth strategy that works immediately, read the article:
Business Expansion Plan for Small Entrepreneurs
Growing and expanding small business is the dream of every small entrepreneur. They plan out their tricks and tips to succeed in their goals and grow their business across the globe.
For further information about business expansion plan for small entrepreneur click on the links below:
How to Write a Growth-Centric Business Plan
The modern business plan is one that is focused on growth and scaling a business. If you want to know how to Write a Growth-Centric Business Plan for Your Small Business, read the article:
How to Plan a Business Expansion
Small businesses become big businesses through expansion. Planning for expansion is a strategic exercise which involves identifying the exact need for expansion. To know how to plan a business expansion, click here:
We, at OpenGrowth , are committed to bringing the latest trending startup ideas around the world. Do let us know if you want us to cover a particular topic.
Contributor: Sareen Yasmin
Her passion includes creative writing, reading, and playing around with words. She is looking forward to bringing some change with the power of pen and thoughts. Mic and pen are her best friends.
The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.
Bitcoin: The Foundation Of The Payments System And The Banking System
Google Partners Sheroes To Support 500 Rural Women Entrepreneurs
I Need A Hacker To Recover My Lost Investment?.Go To Lost Recovery Masters Hello guys, I'm Lyne Azabal from France. In my investment with Acstons-Cc, I also lost 17 lakhs. Trading using the Acstons. cc app generated a profit of 197,153 USD after paying tax and a 25% fee, however they would not release my profit and all of my Bitcoins were frozen. I called my pals, who suggested I try LOST RECOVERY MASTERS, and to my astonishment they were able to assist me get back 89% of my money. Despite the fact that I didn't get all of it back, I'm still really appreciative of LOST RECOVERY MASTERS For advice on recovering cryptocurrencies, get in touch with Lost Recovery Masters You can also ask them questions about any firm you wish to deal with Contact them: Whatsapp (+44(7537)-105921) Email ([email protected]) Learn More https://lostrecoverymasters.wixsite.com/recoverbitcoin2024
I keep thanking the people who have been writing reviews about this recovery company called COINSRecoveryWORLDWIDE because if it weren’t for the positive evaluations about Coinsrecoveryworldwide, I might not have been able to recover from the fraudulent scheme I fell victim to. I lost $209,700 and thought there was no way I could ever get it back. All thanks to Cyber Asset Recovery who made it possible for me to recover my funds back. I appreciate the assistance the Expert provided, Cyber Asset Recovery has unquestionably earned a spot in the hall of fame of hackers for assisting scam victims in recovering their money. And they have the necessary expertise, industry qualifications, and a proven track record of successful recoveries. They have an excellent team of professionals who can help you get back on your feet and recover your lost or stolen cryptocurrencies and digital assets. I wholeheartedly recommend their services to anyone in need. Here are their contact. Email: [email protected]
Work and Growth Management for Founders, Entrepreneurs and their Winning Teams!
Upcoming webinar
Crafting a winning sales strategy for startups.
Don’t miss out on this month’s webinar. Ragesh T is going to share some amazing insights on sales strategy for your startup.
Recent Post
Maximizing Employee Retention Through Thoughtful Corporate Gifting
How Trump's digital media venture differs from typical startups
Microsoft divides Teams and Office amid antitrust probe
The Fall of Sam Bankman-Fried: From Crypto King to Convict
Which is the Right Financial Path for Your Startup – Bootstrapping vs. Funding?
Never miss a post.
Sign up for free and be the first to get our weekly newsletter.
Stay in touch
Do you want to learn from our global mentors?
How to Write the Perfect Introductory Email that will Secure you a Meeting with Investors
The Importance of Consumer Profiling
Why is an Ecommerce Website Important?
Importance of Guerrilla Marketing
Know How to Identify Consumer Wants and Needs
More then 1500+ Online courses available on OpenGrowth
Social Innovations
Floating Farms
Safe Space in Online Place
Do You Know About Smart Grocery Carts?
Do You Know About Diversity Commitment and Strategies?
Society 5.0: The Future We Deserve
We provide a complete solution for your business
Related posts
Mission And Vision- Why Is It Important?
Know the Impact of Entrepreneurship on Economy and Society
What is the Time-Equals-Money Concept?
Ways in Which Entrepreneurship Benefits an Economy
The Dangers of ChatGPT: How It Can Put You at Risk
Is Entrepreneurship a Good Career Choice?
Social Entrepreneurship- Definition, Types, Importance
Understand Aggregator Business Model
Do You Know Characteristics of a Scalable Business?
Entrepreneurial Ecosystem: All You Need To Know
More Like this
Grow your business with the action plan, the 11 step business action plan.
I came across this article on the American Express Open Forum and had to share it with our followers and clients. Murray Smith gives a quick 11-step list for creating a business action plan in this article . In our system, OnStrategy , we use Action Plan Reports to show a person or department’s goals and action items, due dates, and status. Like Smith says, the Action Plan Report is a great way to, “help measure progress toward your goals.” Smith also says how, “in business, your action plan is the key to focusing on the right information in the right order.” We could not agree more with Smith and his take on the Action Plan. Below is the article, The 11 Step Business Action Plan, by Murray Smith .
Many people don’t like planning. But in business, your action plan is the key to focusing on the right information in the right order—much like the combination to a safe—and it helps measure progress toward your goals.
Here’s how you should use an action plan to accelerate growth and increase your revenues and income.
1. Create a revenue plan: Identify your sources of revenues, the product or services that you offer, how many you plan on selling, and the price you will charge. This will let you know if it’s possible to achieve your financial goals.
2. Map your gap: This is the distance from where you are to where you want to be. This includes your financial, non-financial and personal goals—revenues, profits, volume of sales, number of customers etc. It’s a snapshot for you to decide if it’s the journey you want to take, or change it.
3. Know your customer: Make sure you know who your ideal customer is, because it’s often not who you think it is, or who you are currently selling too. Knowing the profile of your customer will help you save time and money when it comes to acquiring them. This is the foundation for every business.
4. Document how your prospects/customers think and behave: Specifically, you should think about why customers decide to purchase—which is the key to making the sale. Every decision starts with a desire created by internal emotion or external influence. If you follow the way they think and act then you can place your product or service right in front of them at the point of decision.
5. Create a unique positioning in your market: In a world of clutter, what gets heard is a simple message. Identify the biggest problem in your marketplace and then tell people how you solve that problem and say it in less than 1 minute.
6. Know what sets you apart: Write down the biggest benefit that you offer your customers (a benefit that your competition doesn’t offer). It doesn’t have to be a coherent statement, it just has to have impact.
7. Take action: This is what is missing from the book The Secret which talks about using The Law of Attraction to bring abundance into your life. You cannot attract abundance without taking action. Affirmations, visualizations and meditation all work together when you add action to the formula.
8. Success starts with the belief that it’s possible: Your current belief system may not be helping you achieve your goals. Old paradigms (beliefs) are the number one reason for holding us back from achieving what’s possible. Click here for a copy of Chapter 7 from my book The Answer to help you change your paradigm.
9. Determine which distribution channels you will use for your business: A distribution channel is simply the place where the transaction takes place between you and your customer—otherwise known as the Point of Sale. The seven distribution channels to choose from are: retail, online, direct sales, events, mail order, phone sales or agents.
10. Select the right strategies: These should get people to the Point of Sale identified in step No. 4, and there are about 130 strategies and tactics to choose from (i.e., advertising, direct mail, copywriting, tele-marketing, Internet marketing, etc.).
11. Create a 90 day sales and marketing schedule: This will help you plan the strategies, tactics, timing and who will be responsible for implementation. Once you get your thoughts on paper (or excel spread sheet) you will feel less overwhelmed that you now have some direction to follow or action items to delegate.
These 11 steps are not intended to represent a complete guide to creating a detailed Action Plan—they are intended to help you get started. Now you have something to measure against and you can review things periodically to see if you are on track. Ask yourself every day if you are on track or if something needs to be adjusted.
Comments Cancel
Join 60,000 other leaders engaged in transforming their organizations., subscribe to get the latest agile strategy best practices, free guides, case studies, and videos in your inbox every week..
Leading strategy? Join our FREE community.
Become a member of the chief strategy officer collaborative..
Free monthly sessions and exclusive content.
Do you want to 2x your impact.
Filter by Keywords
7 Growth Plan Templates to Build a Growth Strategy
Praburam Srinivasan
Growth Marketing Manager
October 20, 2023
Ever feel like you’re steering your ship without a compass? You want to grow your business, but the “how” aspect might be unclear. If you feeling lost at sea, a growth plan template could be the guiding star you’re looking for. ⭐
A growth plan template is a bit like a business-minded GPS, leading you through the winding roads of market trends, financial forecasts, and strategic planning . A good one will be your go-to guide for turning your big ideas and plans into a concrete roadmap to success. With a plan in place, you’ll reach your growth goals with ease.
In this guide, we’ll show you what makes a rock-solid growth plan template and how easily it works for business owners and entrepreneurs. We’ll also set you up with growth plan templates so your organization functions more fluidly and effectively. Let’s dive in!
What are the key components of a growth plan template?
1. clickup growth experiments whiteboard template, 2. clickup 30-60-90 day plan template, 3. clickup ansoff matrix whiteboard template, 4. clickup product development roadmap whiteboard template, 5. clickup development schedule template, 6. clickup process audit and improvement template, 7. clickup employee development plan template.
What Is a Growth Plan Template?
A growth plan template is a preformatted document that guides businesses in outlining objectives, strategies, and actions aimed at business growth. Think of it like a strategic plan or framework for focusing on different growth elements, such as market expansion, product development, and financial projections. And it applies just as much to startups as it does to established businesses. 🙌
It serves as a roadmap, giving cohesion and clarity to your growth initiatives. Whether scaling or diversifying, a growth plan template offers a structured way to find opportunities and roadblocks. And since it provides dedicated areas for keeping track of metrics and KPIs, measuring progress and adjusting strategies is user-friendly.
Growth plan templates provide a framework for outlining a business’s growth objectives and strategies for achieving them. Here are some critical components of a growth strategy template:
- Executive summary : An overview of the growth strategy and its goals
- Business overview : Details of your organization and its current operations
- Market analysis : Research on your target market (and the current market) will inform your growth strategy. Know your customer base, know your strategy
- Growth objectives : Clear, measurable goals tied to a timeline. This could be new customers, revenue growth, a social media strategy, or improving customer retention
- Strategies and tactics : The actions you’ll take to achieve your growth objectives
- Financial projections : Estimates of projected revenue and profit if growth objectives are achieved
- Key Performance Indicators (KPIs) : Metrics and other measurable data demonstrate the success of your growth strategy
- Resource allocation : A list of resources needed to reach your objectives, like a new marketing strategy, business model, or financial plan
- Risks and mitigation strategies : Assessing risks that could derail your plans and contingencies for avoiding those circumstances
- Implementation timeline : A schedule for when milestones will be reached and objectives completed
- Review and adjustment process : A system for reviewing and adjusting as necessary
7 Growth Plan Templates
If you haven’t turned to various strategic planning templates in your continuous effort to increase revenue, measure success, and identify new growth opportunities, then the time is now.
These pre-built assets are designed to help teams create and execute a unique business plan regardless of your industry or how many employees you’re working with. Bypass the hassle of spreadsheets and emails with a template that makes running experiments a breeze. 🌬
ClickUp makes it easy to find a business growth plan template customized to your needs. Get clarity on metrics and other KPIs vital to mapping out your organization and where you’d like it to be. A thoughtful and strategic business growth plan may be the missing piece you’re looking for. Here are seven growth plan templates to check out!
ClickUp’s Growth Experiments Whiteboard Template is a valuable resource for bringing your team together during brainstorming and growth planning sessions. With the ability to plan and act on your ideas from the same collaborative space, this template has every feature you need to follow through on an effective business growth plan.
You can customize every inch of this business growth plan template template—from the structure itself to the objects that bring it to life. Add sticky notes, Docs, media, or even live websites to your growth plan for additional context regarding your business operations. Then act on your ideas in an instant with the ability to convert any object on your board directly into an actionable task.
Plus, ClickUp Whiteboards are highly visual, meaning you can maintain a high-level view of the entire growth plan from the initial idea through implementation.
Each department’s growth plan should align with the strategic objective of the overall company. Suppose you’re aiming to revamp a marketing plan or reach a new target market. In this case, you may need to bring on team members with different skill sets or focus on team expansion.
ClickUp’s 30-60-90 Day Plan Template provides an actionable framework for onboarding new employees. Quickly set goals, create milestones, and identify the steps needed to integrate smoothly into a new organization.
Custom features show you how progress is tracked at a glance, like a separate view for onboarding, which helps organize and keep track of all onboarding tasks. Or use Chat view to collaborate with stakeholders and discuss progress deftly. And with References view, store all necessary references for your plans.
When your organization aims for more growth and diversification, a 30-60-90 plan ensures a coordinated and transparent process where everyone is on the same page. At the same time, you’re enhancing how your team operates. Having the right tool in your corner is indispensable.
Understanding the risks and rewards associated with different business growth strategies is invaluable for sound decision-making. After all, what good is a growth strategy aimed at market penetration if it could potentially compromise your business?
Use ClickUp’s Ansoff Matrix Whiteboard Template to visualize available strategic options in a way that’s simple to understand and enhances collaboration with your team. This template makes it straightforward and intuitive to identify opportunities and risks, understand which strategies are the most appropriate for your business, and compare different plans against each other to find the best fit. 💡
And it easily adapts to your organization’s level. Launching a new product or planning explosive growth in new markets? Use this template for both.
Features like tagging, nested subtasks, multiple assignees, and priority labels make project management precise and extraordinarily efficient. Being able to brainstorm, organize ideas, and create content with team members ensures everyone is working in harmony. Status labels like Open and Complete add to the frictionless workflow.
If your organization is focusing on innovation, developing new products, or entering new markets, you’ll want to align those goals with your overall growth strategy. And all of that requires teamwork, planning, and clear direction.
When you need a growth plan template that’s easily customizable, ClickUp’s Product Development Roadmap Whiteboard Template is a no-brainer. This template is designed for you to visualize, document, and track product development progress.
Features like custom fields let you manage tasks and visualize a path to product development that’s way more straightforward than a spreadsheet. Identify potential problems long before they become a fire you need to put out. Cross-team dependencies are easy to see, and engaging with stakeholders is seamless.
So whether you’re experimenting with pricing changes, improving existing products, or something in between, the key is having a comprehensive tool that keeps everyone in sync. And the right template can act as a centralized platform to empower team members in executing growth strategies effectively.
Unlike a product development roadmap, which offers a high-level view of a growth strategy and its direction, a development schedule digs deep into the nitty-gritty. See it as a more granular and tactical guide for you and your team.
Recognizing the need for meticulous planning, ClickUp’s Development Schedule Template ensures each step in your organization’s process is completed accurately and precisely. Stay on track, meet deadlines, adjust your schedule as needed, and allocate your resources and budget appropriately.
Update statuses for tasks with labels such as Done, In Progress, Needs Input, Stuck, and To Do to keep your team members informed and your projects on track. And use custom attributes like Stage, Attachment, Estimated Duration Days, Remarks, and Actual Duration Days to visualize progress at a glance.
A well-designed development schedule is much more than a sophisticated to-do list of tasks. It’s a dynamic and adaptable framework that helps you align strategic planning with tangible execution.
Most organizations probably have a few processes they would like to improve or streamline in their company. And since those processes influence the scalability of a business, initiatives for expansion into new markets, and product development, it pays to keep tabs on their effectiveness.
Use ClickUp’s Process Audit and Improvement Template to keep those tabs. The template allows you to execute quick process reviews or dive deep into how every aspect of your system functions. 🛠
Custom statuses like Not Started, In Progress, Complete, and To Do make keeping track of progress a breeze. Open two different views in different ClickUp configurations, such as the Overview and Getting Started Guide, so you and your team will have no problem jumping right into optimizing the processes that need it.
Categorize and arrange tasks to suit your needs—like audit planning, data analysis, and implementation—so you’ll clearly see the path from A to B. And combining this template with goal-tracking apps , teams and individuals will see progress on an even more detailed scale.
By conducting routine audits, you’ll optimize your processes for efficiency and productivity . Improve customer service and satisfaction by leaps and bounds. You’ll be able to create your own roadmap for taking corrective action where you need to and increase the quality of your decision-making.
Employee development is an essential piece of any growth strategy. Your team members are one of your most valuable assets, and as your organization grows, your employees should grow with it.
An employee development plan shows you which departments or areas need new talent and which ones may need it in the future. These plans play a role in maintaining an engaged and motivated workforce, too. Even better, you’ll improve employee retention rates and create an environment that encourages your current team members to develop into future leaders in your organization. 🌻
With ClickUp’s Employee Development Plan Template , you’ll ensure your team is always aligned on the most critical objectives.
Start by assessing where your team members stand with their current knowledge and skill levels. Next, establish clear short and long-term goals that are personalized for each team member. Once you’re clear on the resources you need to meet those objectives, use the information you’ve gathered to create an action plan tailored to each member of your team.
The Development Status List view will assist in keeping track of how each employee’s development plan is progressing. Organize your team’s tasks into different statuses, including Done, For Review, and In Progress, so you always know where you are in your growth strategy. Having essential information all in one place also keeps stakeholders well-informed and in the loop.
The same strategy works for departments within your organization, as well. By creating individual and comprehensive development plan templates and tracking progress and performance with measurable goals, you’ll know that you’re building a successful and productive team.
Choose the Best Growth Plan Template for Your Team
Whether you’re honing in on market share, tweaking your marketing strategy to include SEO, or brainstorming your next big move with vision board templates , a growth plan template can take your organization to new heights. 🦅
It’s not just a tool for executives and leadership in an organization. Team members benefit from a clear roadmap that aligns their day-to-day tasks with the overarching company objectives. The flexibility to customize your template means it’s adaptable, whether you’re a small business dreaming big or an established company looking for incremental improvement.
If you’re looking for an all-in-one tool that lets you seamlessly move from product development and ideation to process audits to mapping out company growth potential and more, sign up for ClickUp — it’s Free Forever.
Questions? Comments? Visit our Help Center for support.
Receive the latest WriteClick Newsletter updates.
Thanks for subscribing to our blog!
Please enter a valid email
- Free training & 24-hour support
- Serious about security & privacy
- 99.99% uptime the last 12 months
Nevada County Economic Development Action Plan to focus on sustainable job, business growth
News News | Mar 30, 2024
NEVADA CITY, Calif. – Increased economic activity, tax revenue and business retention and expansion are some of the goals of Nevada County’s new two-year Economic Development Action Plan.
The 31-page plan, which was adopted by the Board of Supervisors on Tuesday, March 26, focuses on supporting businesses in information technology and advanced manufacturing, healthcare and social services, recreation and sustainable tourism, food and agriculture and construction.
The plan was developed over seven months with input from 30 organizations and some 80 community members, and will be enacted by partners, including the Nevada County Economic Resource Council, the Sierra Business Council and the chambers of commerce.
“The plan is in alignment with all the great work already being done but incorporates new strategies,” said Kimberly Parker, director of the county’s Economic Development Office.
The plan will help align the County and its economic partners on short and long-term strategies focused on increasing economic activity and tax revenue, improving business retention and expansion, and positioning the region to be competitive for federal and state investments and grants.
Support Local Journalism
The plan identifies a broad spectrum of work currently being accomplished by community partners. It also highlights areas for expanded focus including building a strong foundation for local entrepreneurship, and small business formation, boosting the visibility of the County and its assets, determining a cost-effective way to maintain an inventory of businesses located in the unincorporated areas, and supporting the growth of technology and advanced manufacturing.
“We are committed to coordinating actions with our partners to build a resilient, diversified economy that leverages our unique cultural and natural resources, embraces innovation, entrepreneurship and small businesses and maintains a high quality of life for all,” Parker said.
“I commend our team for welcoming Visit Tahoe Truckee, the Truckee Chambers and all our partners countywide into the process, who provided critical comments. We are looking at how we can make the region as a whole successful,” said Board of Supervisors Chair Hardy Bullock. “I think the plan is excellent, and implementation with all our partners will be key.”
Law review: Is the failure to follow the ‘surfing code and rules of etiquette’ grounds for liability?
Mar 30, 2024
Chief’s corner: Springtime fire prevention tips
Visit Truckee-Tahoe funds $17,500 for Donner Lake peak season study
Women’s history month: Tahoe Destination Stewardship Council Managing Director Nettie Pardue on being a female leader
Obituary: Ernest “Ernie” M. Brassard
Mar 29, 2024
Readers around Lake Tahoe, Truckee, and beyond make the Sierra Sun's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.
National Action Plan for Inclusive and Sustainable Business Capacity Development being crafted
The Strategy to Promote Inclusive and Sustainable Businesses to Achieve the Sustainable Development Goals (SDGs) in Sri Lanka was adopted by the Cabinet of Ministers earlier this year. It was developed through a series of multi-stakeholder consultations and led by the Sustainable Development Council with technical support from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
The Strategy recognizes the challenges faced by Inclusive and Sustainable Businesses (ISBs) in Sri Lanka and identifies opportunities to assist them in scaling and expanding their impact.
One of the key challenges is the limited capacity of businesses in Sri Lanka to effectively create social and environmental impact and// or scale their current impact. The Strategy therefore proposes the formulation of an Action Plan to build the capacities of firms to be inclusive and sustainable.
The Ministry of Industries in partnership with the Sustainable Development Council and the National Enterprise Development Authority with technical support of the ESCAP wrapped up a dynamic, multi-stakeholder co-creation workshop last week with the aim of developing a National Action Plan for Inclusive and Sustainable Business Capacity Development. In line with the Government priorities for economic recovery and development, the first phase will primarily target export-oriented medium and large enterprises, in developing inclusive and sustainable business models.
This collaborative event brought together a diverse range of participants representing government agencies engaged with large and medium private sector enterprises, key commercial chambers and industry bodies, selected export-oriented, medium-sized and large enterprises, financial sector institutions, development partner agencies and non-governmental organizations working in social inclusion and environmental sustainability.
Through insightful discussions, valuable insights were gained into the existing capacity gaps faced by the Sri Lankan ISBs as well as concrete actions for addressing the gaps in the offer of capacity building services and enhancing the capacities of large and medium enterprises.
Building the capacity of all stakeholders – businesses, policymakers, and support organizations – is essential for promoting, sustaining, and supporting ISB growth in Sri Lanka. The National Action Plan for Inclusive and Sustainable Business Capacity Development is expected to be finalized by end June 2024.
SEC and CSE successfully conduct an investor forum in Dambulla.
Expectations over reaching debt restructuring requirements keep cse in fine trim.
You may like
National Disaster Management Plan – 2023-2030 to be tabled in Parliament
Sri Lanka’s SDG progress outperforms global average amid economic challenges – IPS
Closing sustainable energy gaps in Asia and Pacific
Accelerating Sustainable Finance in SL through private sector participation
National forum on SDGs discusses opportunities to fast track action to achieve targets
Baurs on bringing the world to Sri Lanka
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Amana Takaful General Insurance sustains ‘impressive growth trajectory’ in 2023
Amana Takaful Insurance PLC (General) celebrates another year of remarkable growth, marking its third consecutive year as one of the fastest-growing insurance companies in Sri Lanka. Demonstrating resilience and strategic prowess, the company achieved a staggering 28% year-on-year increase in Gross Written Premiums (GWP) in 2023, propelling its revenues to an impressive LKR 4.29 billion during the review period.
This extraordinary growth spanned across diverse segments, showcasing the company’s robust performance and strategic acumen. Notably, the motor segment witnessed a 29% surge, totaling LKR 2.13 billion, while the non-motor and health segments experienced substantial growth rates of 21% (LKR 1.40 billion) and 40% (LKR 750 million) respectively. These achievements underscore not only the company’s financial strength but also its steadfast commitment to meeting the evolving needs of its diverse customer base.
Reflecting on this stellar performance, Hassan Kassim, Managing Director at Amana Takaful Insurance PLC, remarked, “Our remarkable growth underscores our commitment to strategic planning, service excellence, and innovative business practices. The significant increases across motor, non-motor, and health segments last year are clear indicators of our unwavering dedication to excellence.”
Hassan Kassim further emphasized the critical role of trust, highlighting the company’s prompt claims processing, fair policies, and efficient procedures. Amana Takaful Insurance’s commitment to integrity and innovation has fostered strong customer loyalty, driving its continued financial success.
With a comprehensive suite of products tailored to individual requirements, including motor, medical, home, travel, business, and marine insurance, Amana Takaful Insurance goes beyond expectations, striving to provide accessible insurance solutions that cater to the diverse needs of all Sri Lankans. This unwavering dedication has earned the company numerous awards and accolades both locally and internationally.
Established in 1999 and listed on the Colombo Stock Exchange since 2006, Amana Takaful Insurance General boasts a network of 30 branches across Sri Lanka, ensuring nationwide coverage. The company holds ISO 9001:2015 accreditation, reflecting its commitment to quality and excellence. Additionally, it has expanded its footprint to the Maldives since 2005, eventually becoming a free-standing PLC and listing on the Maldives Stock Exchange (MSE) in 2011. Offering a comprehensive array of general and life insurance options, along with customized health insurance plans, Amana Takaful Insurance remains steadfast in its mission to serve diverse segments of society with integrity and innovation. (Amana Takaful)
The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) conducted an Investor Forum held in Dambulla on the 27th of March at the Hotel Sannasa – Dambulla.
The forum was organized with the objective of raising awareness on the importance of investor education with regard to the investment opportunities that exist in the Stock Market and investor protection. With the aim of educating the business community of the Dambulla district, the forum attracted over 60 participants, providing valuable insights to both potential and existing investors in the region.
The forum offered valuable insights, educating investors on how they are able to safeguard their interests. At the investor forum, Mr. Thusitha Meegahakumbura, Branch Manager of the CSE Kurunegala Branch, provided a basic knowledge of investments, encompassing the process of investing as well as the pros and cons of investing in the Stock Market.
Educating investors on the role of the SEC in the market, as well as diving into the intricacies of investor protection, SEC’s Manager of External Relations, Nimal Kumarasinghe, addressed the gathering.
Next, a session to create awareness on the CSE Mobile App was conducted by the Manager of the CSE Kandy Branch, Dhananjaya Abeysiriwardana. Furthermore, an analysis of the sectoral performance and market opportunities was presented by the Director Sales of Acuity Stockbrokers (Pvt) Ltd, Kapila Pathirage.
Conducting an Introduction to Unit Trust Investment, the Relationship Manager of NDB Wealth, Rukshan Peiris addressed to the attendees as well.
Bringing the forum to a close, an interactive panel discussion was held with the participation of Nimal Kumarasinghe, Mr. Thusitha Meegahakumbura, Kapila Pathirage as well as CSE’s SVP of Marketing, Niroshan Wijesundere, providing an opportunity for participants to clarify any doubts from the panelists. The participants were also given the opportunity to meet Investment Advisors from stock brokerage firms.
The SEC and CSE have planned more investor forums this year in locations such as Ambalantota, Ratnapura, Gampaha, Matara and Colombo, in order to create awareness about investor education and protection whilst highlighting the importance of financial literacy.
By Hiran H.Senewiratne
Sri Lanka is engaging with bondholders and is optimistic about a positive outcome, while efforts were underway to finalize in-principle deals with official creditors, State Minister for Finance Shehan Semasinghe said.
Sri Lanka is expected to meet IMF debt restructuring requirements in the second quarter for a review to be passed by the lender’s board, he said.
Meanwhile, President Ranil Wickremesinghe said that he expected debt restructuring to be wrapped up by June–July before any elections are conducted, the State Minister told a meeting.
Due to bullish conditions that arose in the market against the backdrop of the above comments, both indices moved upwards yesterday. The All Share Price Index up by 74.17 points while S and P SL20 rose by 22.32 points. Turnover stood at Rs 2 billion with five crossings. Those crossings were reported in JKH, which crossed 250,000 shares to the tune of Rs 49.3 million; its shares traded at Rs 197.25, Hayleys 500,000 shares crossed for Rs 42.5 million; its shares traded at Rs 85, HNB 200,000 shares crossed for Rs 37 million and its shares sold at Rs 185, Access Engineering 1 million shares crossed to the tune of Rs 23.3 million; its shares fetched Rs 23.30 and Pan Asia Bank 1 million shares crossed for Rs 21.5 million; its shares sold at Rs 21.50.
In the retail market top seven companies that mainly contributed to the turnover were; CIC Holdings Rs 95.8 million (1.3 million shares traded), Hemas Holdings Rs 81 million (999,000 shares traded), NDB Rs 73.9 million (1 million shares traded), Sampath Bank Rs 73.5 million (935,000 shares traded), JKH Rs 71.7 million (364,000 shares traded) and First Capital Holdings Rs 68.9 million (1.9 million shares traded). During the day 73.4 million share volumes changed hands in 16000 transactions.
Yesterday the rupee was quoted at Rs 299.85/95 to the US dollar in the spot forex market, crossing the 300 mark after opening at Rs 299.90/300.00, dealers said.
The rupee closed at Rs 300.00/06. Bond yields were broadly steady. A bond maturing on 15.12.2026 was quoted stable at 11.30/40 percent. A bond maturing on 15.09.2027 was quoted at 11.85/12.00 percent from 11.90/12.05 percent. A bond maturing on 15.12.2028 was quoted stable at 12.10/20 percent.
- HomePage Advertisement – Header
14th contingent of SLFPC returns home after successful mission with United Nations Interim Force in Lebanon
Sri lanka wrap up 192-run win to complete series sweep, new bill to combat domestic violence – state minister of women and children’s affairs, ‘dates have the highest sugar content to fight coronavirus’, sunday island 27 december – headlines, #sundayisland sunday island- 31 january- headlines, sunday island – 28th march, sunday island headlines – 21 march, sunday island – 21st february – headlines.
A piece of Sri Lanka’s rugby history which can produce goosebumps
Sri Lanka create major upset in basketball Asia Cup
Lanka and China premiers witness signing of 9 bilateral agreements
Expolanka Holdings announces delisting and change of company name
Registered political parties unveil solutions to economic crisis before oversight committee
First Private Land donation to WNPS PLANT for conservation, by a visionary nature lover
Mannar Wind Farm Project: Another folly like the Sinharaja Logging Project on the horizon?
Combatting Online Violence Against Children: International reporting portal launched in Sri Lanka
IMAGES
VIDEO
COMMENTS
Again - we suggest writing out a detailed growth strategy plan to gain the understanding and buy-in of your team. Download this Template. This action plan should contain a list of action items, deadlines, teams or persons responsible, and resources for attaining your growth goal. 6. Determine your growth tools and requirements.
Having a solid business expansion plan is essential when you want to expand your organization. The following four steps can help you develop a comprehensive expansion strategy that leads to growth. 1. Perform research. . Conducting thorough research is the first step in creating a successful business expansion plan.
Step 6: Monitor and revise your action plan. Your ability to stay on top of and adapt to changes is what makes you a great project manager. It's crucial that you monitor your team's progress and revise the plan when necessary. Luckily, your action plan isn't set in stone.
Operations, marketing, and personnel plans: You'll outline the details of what operational costs, marketing budget, and additional positions you'll need for your expansion to be a success. This will also be the roadmap for your existing employees to execute that plan. Financial projections: You'll need to forecast how the expansion will ...
Be sure to outline how you will effectively market your business to encourage growth and how your marketing efforts will evolve as you grow. 7. Ask for help. Advice from other business owners who have enjoyed successful growth can be the ultimate tool in writing your growth plan. 8. Start writing.
1. Involve your team early on. Your team's participation will make or break the action plan. They should be involved from the beginning as you develop the action plan and other elements of the strategic plan. "The owner can't do it alone," Drepaul says. "Delegation and accountability are key.
Steps to Create a Business Expansion Plan. 1. Conduct Market Research. Embarking on business expansion demands meticulous market research, even if you have done some preliminary groundwork. This in-depth research should include insights into the market size, key players, future market trends, industry news, customer behavior, and other ...
Global business expansion - also known as international expansion, foreign expansion, or overseas expansion - is a business growth strategy used to enter new markets in other countries. It can include the movement of business operations, resources, workforces, products, and services. Successful expansion requires the tailoring of a global ...
Put your business expansion plan template to work by partnering with a marketing solutions firm that is driven and dedicated to getting you results. At CMG, our strategic marketing consultants work with you in the trenches to expand your business through branding strategies and our Agile for Marketing (A4M™) solutions. A4M™ is a mindset and ...
3. Pinpoint Your Target Market First. An entrepreneur should thoroughly research and analyze their target market when creating a business plan for expansion decisions. This is important to ...
The Business Expansion Plan template is designed to help organizations of all sizes and industries plan for their growth and expansion into new regions and industry categories. It is ideal for businesses that are looking to increase their presence in new markets, gain market share, and build their customer base. 1.
7. If you want to grow your business, you need a clear and feasible expansion plan that aligns with your vision, goals, and resources. A business expansion plan is a strategic document that ...
5) Start A Franchise. Expanding a business through franchising can be an effective way to grow and increase revenue. When a business decides to franchise, it allows others to open and operate their own location of the business under the same brand name, operating system, and guidelines as the original business.
An action plan is a detailed outline that breaks down the steps necessary to achieve a specific goal. Here are the typical components of an action plan. 1. Objective or Goal. The cornerstone of your action plan is the objective or goal. This should be a clear and concise statement outlining the desired outcome or result.
Use this 90-day action plan to understand your new organization, its target market, functional interdependencies, growth opportunities, and much more. ... Edit and Download . 3. Employee Corrective Action Plan. As a business owner, you need to take corrective actions when the goals and objectives are not in line with your expectations and the ...
Step 4: Establish an Action Plan. With your growth goals defined, business needs understood, and a strategy created, the next step is to establish an action plan. ... Instead of focusing on the basics of the company like a business plan, a growth plan zooms into the company's growth opportunities. It typically includes the following components:
Ideally, a start-up business should aim for relatively rapid expansion. This action helps to establish the business' market position and enables it to realize sufficient revenue to make a profit. ... With a well-crafted business expansion plan, your company can open new markets in which to build its brand. Each market contains new customers ...
2. Getting the required licenses and permits. If you're expanding your product or service lines or extending your reach to other locales or market areas, you may need to apply for new licenses or permits. States and local government agencies' rules and regulations vary for different types of business activity.
5 key considerations when growing your business. 1. Forming an LLC or corporation. Many small businesses start as sole proprietorships or general partnerships because those business structures ...
Business Plan for Growth. To grow any business, a complete framework for business expansion is a must. Every business owner needs an idea. A well-drafted growth and expansion plan helps to spot potential growth opportunities and the amount of money needed to fund the expansion. The business plan should have multiple parts, including a marketing ...
Here's how you should use an action plan to accelerate growth and increase your revenues and income. 1. Create a revenue plan: Identify your sources of revenues, the product or services that you offer, how many you plan on selling, and the price you will charge. This will let you know if it's possible to achieve your financial goals.
A growth plan template is a preformatted document that guides businesses in outlining objectives, strategies, and actions aimed at business growth. Think of it like a strategic plan or framework for focusing on different growth elements, such as market expansion, product development, and financial projections.
Action plan example The following is an example of an action plan for an apparel retailer: Problem: Slow profit growth as a result of insufficient customer service. Goal: Increase profits by 50% within three years. Our Three-Year Goal (Tip: These are SMART goals outlined) We expect our apparel retail business to increase our profitability by 40% as we follow this plan to improve customer ...
An unrealistic plan is as unattractive to investors as a lack of vision and ambition. 3. Seek professional input. Don't be afraid to ask for help. Experienced business advisors, accountants, and ...
The plan identifies a broad spectrum of work currently being accomplished by community partners. It also highlights areas for expanded focus including building a strong foundation for local entrepreneurship, and small business formation, boosting the visibility of the County and its assets, determining a cost-effective way to maintain an inventory of businesses located in the unincorporated ...
Building the capacity of all stakeholders - businesses, policymakers, and support organizations - is essential for promoting, sustaining, and supporting ISB growth in Sri Lanka. The National Action Plan for Inclusive and Sustainable Business Capacity Development is expected to be finalized by end June 2024.